Visa, the US payment giant, is acquiring Currencycloud, an international platform that helps banks and financial technology (fintech) companies with cross-border payments. Visa will announce on July 22 through a press release indicates that the companies have already signed.
Currencycloud is currently estimated to be worth £700 million, or $963 million or €817 million. Currencycloud has been working with Visa since 2019 and Visa already owns a large share of the company, so the final amount for the acquisition will be lower. The deal still needs to be approved by regulators.
Currencycloud provides support for as many as 500 banks and fintech companies and began partnering with . last summer Ripple (XRP). With the acquisition, Visa is looking to expand its foreign exchange business through Currencyloud, Treasurer Colleen Ostrowski said:
“The Currencycloud acquisition is another example of Visa executing our network networking strategy to facilitate global money movements. Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments.”
We are excited to share the news that @Visa has entered into an agreement to acquire Currencycloud. The acquisition builds on our existing strategic partnership, and we look forward to joining the Visa family:
— Currencycloud (@Currencycloud) July 22, 2021
“At Currencycloud, we have always strived to provide a better future for everyone, from the smallest startup to the global multinationals. Reimagining the flow of money in the global economy becomes even more exciting as we join Visa.”
Said Mike Laven, CEO of Currencycloud. In related news, Visa announces the “re-introduction” of its brand name along with a new icon and a new marketing campaign:
Meet Visa. A new, iconic brand symbol is just the beginning. Visa is more than a credit card company; we’re a trusted network that drives commerce forward. Learn more: https://t.co/ZIL1CuJzfS pic.twitter.com/lbwc4295in
— VisaNews (@VisaNews) July 21, 2021
Earlier this month, Visa announced that the company would pay a staggering $1 billion in payments with cryptocurrencies as bitcoin (BTC) on ethereum (ETH) processed in the first half of 2021. The company then announced that it is now partnering with as many as 50 major crypto companies.