Visa completes the acquisition of Currencycloud

By Joy Dumasia

VISA announced its acquisition of Currencycloud, the cross-border payments platform provider. VISA initially announced it would acquire Currencycloud at a valuation of $963m in July of this year. Currencycloud provides banks and FinTechs that enables smoother and quicker cross-border transactions in multiple currencies.

The acquisition 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.

The acquisition builds on an existing strategic partnership between Currencycloud and Visa. Currencycloud’s cloud-based platform already supports nearly 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.

Visa is the world’s leader in digital payments. The mission is to connect the world through the most innovative, reliable, and secure payment network enabling individuals, businesses and economies to thrive. The advanced global processing network, VisaNet, provides secure and reliable payments around the world and can handle more than 65,000 transaction messages a second.

Mike Laven, CEO of Currencycloud, said of the acquisition: “As we continue to execute on the strategy that got us this far, with the additional strength of Visa’s global network behind us, we expect to be able to move further, faster expanding our offering, extending our global footprint and identifying and supporting new audiences.”

Recently, IBS Intelligence reported that Unit, the New York-based banking-as-a-service platform (BaaS), has partnered with Currencycloud, the experts simplifying business in a multi-currency world, to offer their customers an easy, seamless way to fulfil both domestic and international banking needs.