Banking giant Visa recently announced that it has completed its acquisition of fintech platform Currencycloud, which is a global platform that enables banks and fintech to provide innovatively foreign exchange solutions for cross-border payments, according to media reports. This acquisition will also allow Visa and Currencycloud clients and partners both to get access to more transparency, flexibility and control.
At present, Currencycloud’s platform supports more than 500 banking and tech clients in more than 180 countries like Spain, France, Germany and opens a new office in Singapore in its cloud-based platform. The platform has also announced that it has processed over $5 billion in cross-border transactions per month.
On the acquisition, Mike Laven, CEO of Currencycloud, told the media, ““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.”
This latest acquisition builds over an already existing strategic partnership between the two companies that was struck in 2019 and is currently valued at £700 million. Earlier this year in January, Visa participated in an $80 million Series E funding round in Currencycloud, alongside bluechip investors like BNP Paribas and Siam Commercial Bank.
CurrencyCloud’s cloud-based platform offers a broad set of APIs, which, in turn, enables banks and financial service providers to offer currency exchange services, real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management.