Visa buys Fintech startup Currencycloud for £700 million

Visa has now signed a deal to acquire Currencycloud, in an effort to advance the money movement across the globe.

Currencycloud will continue to operate from its London headquarters with its current management team. 

Colleen Ostrowski, Visa’s Global Treasurer, said, "The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement. Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments. 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."

Mike Laven, Chief Executive Officer, Currencycloud, said, "At Currencycloud, we’ve always strived to deliver a better tomorrow for all, from the smallest start-up to the global multi-nationals. Re-imagining how money flows around the global economy just got more exciting as we join Visa. 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."

Currencycloud as of now works with the different APIs to help financial services providers to offer currency exchange services. 

The Currencycloud platform provides a real-time notification on multi-currency wallets, Forex transactions, and virtual account management (VAM).

With the help of the Currencycloud acquisition deal, Visa will enhance its current foreign exchange capabilities. Currencycloud will also enhance time to market and boost transparency for the clients, notes the announcement.