Visa officially ad On Thursday, he signed a definitive agreement to acquire Currencycloud, a fintech platform supporting around 500 banking and tech customers in more than 180 countries.
The new acquisition aims to enhance Visa’s foreign exchange business and expand it to serve financial institutions, fintechs and partners. The deal will specifically improve the transparency and speed of Visa payments, said the company’s global treasurer Colleen Ostrowski, saying:
“The acquisition of Currencycloud is another example of Visa’s execution of our network of networks strategy to facilitate the movement of money on a global basis. Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments.
The new acquisition is based on an existing strategic collaboration between the two companies as Visa already owns a stake in Currencycloud, valued at 700 million ($ 956 million), including cash and retention incentives. Last year Visa participated in an $ 80 million fundraiser for Currencycloud alongside investors like Japanese financial conglomerate SBI Group.
According to the announcement, Currencycloud will continue to operate from the company’s London headquarters and retain its current management team. The acquisition is still subject to regulatory approval.
The story is developing and will be updated.