Visa Completed its Acquisition of CurrencyCloud

Follow us on Google News

Key Takeaways:

  • Visa completed its acquisition of CurrencyCloud.
  • In July of this year, VISA announced that it would buy Currencycloud for $963 million.
Visa Completed Its Acquisition Of Currencycloud
Visa Completed its Acquisition of CurrencyCloud

Visa is the world’s leading provider of digital payment services. The objective is to enable individuals, businesses, and economies to prosper by connecting the world with the most creative, reliable, and secure payment network available. VisaNet, a powerful global processing network that can handle more than 65,000 transaction messages per second, ensures secure and reliable payments worldwide.

Consumers and companies will benefit from the acquisition since Visa, and Currencycloud clients and partners will provide better transparency, flexibility, and control when making international payments or conducting business in different currencies.

According to a press release, Visa has completed its acquisition of Currencycloud, which works with banks and FinTechs to provide foreign currency (FX) solutions for cross-border payments.

“With Visa’s global network behind us, we expect to be able to go further, faster – expanding our service, expanding our global reach, and recognizing and supporting new audiences,” said Currencycloud CEO Mike Laven.

The transaction expands on Currencycloud’s and Visa’s existing strategic alliance. Currencycloud’s cloud-based platform already serves and supports over 500 banking and technology clients in over 180 countries. The company will continue to service and assist its customers and partners throughout the industry.

“Visa is executing on our network of networks plan to facilitate global money flow with the acquisition of Currencycloud,” said Colleen Ostrowski, Visa’s Global Treasurer. “When making or receiving foreign payments, consumers and organizations are increasingly expecting openness, speed, and simplicity. We can help our clients and partners decrease the pain points of cross-border payments and establish amazing user experiences for their consumers’ thanks to our acquisition of Currencycloud.”

Currencycloud enables businesses to quickly shift money across borders and transact in numerous currencies worldwide. Experts in their field make it simple for clients to use digital wallets and integrate money into their operations.

Currencycloud has processed over $100 billion in payments to over 180 countries since 2012, partnering with banks, financial institutions, and Fintechs throughout the world, including Starling Bank, Revolut, Penta, and Lunar. Currencycloud has offices in New York, Amsterdam, Cardiff, Singapore, and London headquarters.

It collaborates with Visa, Dwolla, GPS, and Mambu to provide clients with simple, clear cross-border infrastructure solutions. They are regulated in the United Kingdom, Canada, the United States, and the European Union.

Currencycloud employs application programming interfaces (APIs) to assist financial services companies in delivering currency exchange services, real-time transaction notifications, multicurrency wallets, and virtual account management.

In July, Visa agreed to buy Currencycloud for 700 million British pounds (about $925 million) as part of a global money-transfer initiative.

Chetna Prakash
Chetna Prakash

Newsletter

Crypto News, NFTs and Market Updates

Can’t find what you’re looking for? Type below and hit enter!