Visa to Acquire Payments Startup Currencycloud for $700 Million
- The deal is now pending the approvals of the regulators.
Financial giant Visa (NYSE: V) announced on Thursday that it has entered into a definitive agreement for the acquisition of Currencycloud, a UK-based business-to-business Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term startup.
Visa is an existing partner and investor in Currencycloud, which is valued at £700 million, inclusive of cash and retention incentives. But, the financial consideration of the deal will be reduced by the Currencycloud outstanding equity Visa is already holding.
“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement,” said Colleen Ostrowski, Visa’s Global Treasurer.
Payments Services Are in Demand
Headquartered in London, Currencycloud offers Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term-based APIs to banks and financial services providers, enabling them to offer currency exchange services. It also provides real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management.
According to the company, it has a reach across 180 countries and supports nearly 500 banking and technology clients.
The acquisition came when the demand for cross-border transactions is skyrocketing around the world. The official announcement confirmed that Visa will strengthen its existing foreign exchange capabilities.
“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,” Ostrowski added.
Despite the acquisition, Currencycloud will continue to operate from London and will be led by its existing management team.
Mike Laven, Chief Executive Officer at Currencycloud, said: “The combination of Currencycloud’s fintech expertise and Visa’s network will enable us to deliver greater customer value to the businesses moving money across borders.”
Though Visa’s high-profile Plaid acquisition failed, the credit card giant bought the Swedish open banking platform, Tink last month for $2.15 billion.
Financial giant Visa (NYSE: V) announced on Thursday that it has entered into a definitive agreement for the acquisition of Currencycloud, a UK-based business-to-business Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term startup.
Visa is an existing partner and investor in Currencycloud, which is valued at £700 million, inclusive of cash and retention incentives. But, the financial consideration of the deal will be reduced by the Currencycloud outstanding equity Visa is already holding.
“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement,” said Colleen Ostrowski, Visa’s Global Treasurer.
Payments Services Are in Demand
Headquartered in London, Currencycloud offers Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term-based APIs to banks and financial services providers, enabling them to offer currency exchange services. It also provides real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management.
According to the company, it has a reach across 180 countries and supports nearly 500 banking and technology clients.
The acquisition came when the demand for cross-border transactions is skyrocketing around the world. The official announcement confirmed that Visa will strengthen its existing foreign exchange capabilities.
“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,” Ostrowski added.
Despite the acquisition, Currencycloud will continue to operate from London and will be led by its existing management team.
Mike Laven, Chief Executive Officer at Currencycloud, said: “The combination of Currencycloud’s fintech expertise and Visa’s network will enable us to deliver greater customer value to the businesses moving money across borders.”
Though Visa’s high-profile Plaid acquisition failed, the credit card giant bought the Swedish open banking platform, Tink last month for $2.15 billion.