Visa Acquires CurrencyCloud For £700 Million, Worth $925 Million
Payment processing giant Visa has announced the acquisition of CurrencyCloud for amount of 700 million British pounds, around $925 million.
According to a press release the payment processing mogul Visa announced that it had completed the acquisition of CurrencyCloud, which “will empower Visa and Currencycloud clients and partners to provide greater transparency, flexibility and control for consumers and businesses when making international payments or doing business in multiple currencies.”
CurrencyCloud is a platform that allows banks and fintech companies to provide foreign exchange solutions for cross-border payments.
The statement elaborated:
“The acquisition builds on an existing strategic partnership between Currencycloud and Visa. Currencycloud’s cloud-based platform already supports over 500 banking and technology clients with reach in over 180 countries and will continue to serve and support its customers and partners across the industry.”
The acquisition is worth 700 million British pounds or about $925 million, according to the deal that was originally signed in July this year.
CurrencyCloud partnered up with Ripple back in July 2020, with focus to process cross-border payments on RippleNet.
CurrencyCloud also announced the news through their Twitter account:
Exciting times ahead for Currencycloud as @Visa announce the completion of the acquisition.
We look forward to working together to bring greater transparency, flexibility and control for businesses moving money around the world! pic.twitter.com/R5BCYjgGHg
