The move is the second major acquisition of the year for Visa, which last month agreed to buy Swedish fintech Tink for $2.Currencycloud, which already counts Visa among its clients, is a cloud-based platform that offers. Launched in 2007, Currencycloud provides software for banks and fintech firms to facilitate cross-border payments. The financial services giant has agreed to acquire Currencycloud in a deal valued at 700m.Visa is buying Currencycloud in a deal valuing the British payments start-up at $965mn.“With our acquisition of Currencycloud, we can support our clients and partners to further reduce the pain points of cross-border payments and develop great user experiences for their customers,” she added. Speaking about the acquisition, Colleen Ostrowski, Visa’s global treasurer said, “Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments. Visa’s stock has risen by 23% over the last 12 months because of the boom in digital payments, fuelled by the pandemic. In a world in which mobile wallets and real. Since news of the acquisition broke in the financial markets, shares in Visa have risen by 0.4%. Despite a market capitalization of more than 500 billion, the payments behemoth is trying to reposition itself accordingly. Reports suggest the move is part of a bigger strategy by Visa and its rival, Mastercard, to become more immersed in fintech as alternative payment methods such as virtual wallets and bank-to-bank transactions boom. Visa said the amount offered for Currencycloud would be reduced by the outstanding equity it already owns in the fintech.Ĭurrencycloud was founded in 2007 and provides software for banks and fintech companies that require cross-border payment solutions, and its technologies power leading banking apps including Revolut, Starling, and Monzo. Visa has invested heavily in Currencycloud, investing $80mn in the company in 2020. The success of these acquisitions follows Visa’s failed attempt to acquire Plaid, the US-based rival, which was thwarted by US regulators. The acquisition is the second major transaction of 2021 for Visa, which agreed to buy the Swedish fintech Tink for $2.1bn last month. Rewards: CRO Funding method: Crypto wallet Account minimum: 0 - 400,000 As one of the first crypto cards, the Visa card fits into your life seamlessly with tons of rewards that make. Currencycloud, the London-headquartered payments startup, has been acquired by Visa for $962mn.
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