Visa (NYSE: V) announced it has finalized the acquisition of Currencycloud, an international platform that enables banking institutions and Fintech firms to offer various foreign exchange solutions for cross-border transactions.
The acquisition will aim to empower Visa and Currencycloud customers and partners to offer a greater level of transparency, flexibility and control for consumers and businesses when performing global payments or doing business in different currencies.
The acquisition builds on a partnership between Currencycloud and Visa.
Currencycloud’s Cloud-powered platform supports more than 500 banking and tech customers with reach in 180+ countries and will continue to serve and support its clients and partners across the sector.
Visa Inc. is notably one of the world leaders in digital payments. The firm’s mission is to connect the world via innovative, reliable and secure payment networks – enabling individuals, businesses and economies to reach new heights.
Visa’s global processing network, VisaNet, offers secure and reliable payments around the world, and is capable of handling over 65,000 transaction messages a second. The Fintech firm’s sharp focus on innovation serves as a catalyst for the steady growth of digital commerce.
As the world moves from analog to digital, Visa is “applying [their] brand, products, people, network and scale to reshape the future of commerce.”
As noted in a release, banks, Fintechs and businesses everywhere can “make bigger, better, bolder leaps with Currencycloud.”
Currencycloud gives businesses the capability to “move money across borders, and transact globally in multiple currencies, fast,” the update noted.
Experts at what they do, their technology “makes it easy for clients to embrace digital wallets, and to embed finance into the core of their business – no matter what industry they’re in,” the announcement added.
Since 2012, Currencycloud has handled over $100bn in more than 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar.
With head offices in London and additional locations in New York, Amsterdam, Cardiff & Singapore, Currencycloud works with partners such as Visa, Dwolla, GPS and Mambu to deliver “simple, clear cross-border infrastructure solutions for clients.”
The firm is “regulated in the UK, Canada, US, and the EU.”
