Visa continues to diversify its financial holdings, with Currencycloud its latest acquisition. The payments giant has agreed to purchase the British-based international payments facilitator for approximately $962.01 million (GBP 700 million), subject to regulatory approval. Here is what you need to know about Visa’s acquisition of Currencycloud:
Visa to Acquire Currencycloud
Visa is continuing to increase its crypto footprint with an agreement to purchase British fintech Currencycloud for $962 million. The announcement of the purchase agreement is the latest chapter in Visa’s aggressive push into the world of fintech and cryptocurrencies. It follows on from a $2 billion bid to purchase open banking platform Tink last month.
Currencycloud is a fintech startup that helps facilitate cross-border payments for almost 500 banks and technology firms. The company, founded in 2012, also works with some of the most prominent leaders in European fintech, including names like Revolut, Klarna, Monzo, and more. To date, Currencycloud has facilitated over $75 billion in payments across 180 countries.
Visa was previously a stakeholder in Currencycloud, with other stakeholders including BNP Paribas, Google Ventures, Siam Commercial Bank, and SBI Group. Despite the Visa takeover, Currencycloud will keep its London headquarters and maintain its management team. It should be noted that the takeover is not final and is subject to regulatory approval.
Visa ContinuesPattern of Aggressive Acquisition
“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement,” said Colleen Ostrowski, Visa’s Global Treasurer, in a statement accompanying the news.
As mentioned, Visa has been aggressively pursuing avenues of diversification as the payment giant looks to expand its reach beyond credit and debit cards. Last month the American company agreed to a $2.1 billion purchase of Swedish fintech Tink – a leader in the open banking space. That purchase followed on the heels of an aborted attempt to purchase Plaid, a rival of Tink, due to the threat of a monopoly suit by the U.S. Department of Justice, who saw the merger as “a monopoly in online debit transactions.”
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Featured image by Currencycloud
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