Visa has agreed to acquire Currencycloud, a platform that enables banks and fintechs to provide foreign exchange solutions for cross-border payments – in a deal valued at £700 million.
Currencycloud’s cloud-based platform offers a set of APIs enabling banks and financial services providers to offer currency exchange services, including real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management. The Currencycloud platform supports nearly 500 banking and technology clients with reach in over 180 countries.
Currencycloud will strengthen Visa’s existing foreign exchange capabilities by extending them to better serve financial institutions, fintechs and partners while enabling new use cases and payment flows.
Currencycloud will accelerate the time-to-market and improve payment transparency for clients looking to offer flexible, digital-first, international payment services that provide better visibility and control to consumers and businesses around the world.
Currencycloud will continue their operations from their headquarters in London and will retain their current management team.
Since 2012, Currencycloud has processed more than $100 billion to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar.
Based in London with offices in New York, Amsterdam, Cardiff & Singapore, Currencycloud works with partners including Visa, Dwolla, GPS and Mambu to deliver simple, clear cross-border infrastructure solutions for clients.
Visa last month announced the acquisition of Tink, a European open banking platform that enables financial institutions, fintechs and merchants to build financial management tools, products and services for European consumers, for 1.8 billion euros.