Visa, the world’s largest payment processor, said that it has finalized the acquisition of Currencycloud for £700 million, or $950 million.
The purchase of Currencycloud by Visa aims to provide transparency, flexibility, and control to both firms’ clients when making international payments or conducting business in different currencies. Visa and Currencycloud had inked a definitive agreement in July, and the transaction has now been completed.
Exciting times ahead for Currencycloud as @Visa announce completion of the acquisition for £700 million. We look forward to working together to bring greater transparency, flexibility and control for businesses moving money around the world! pic.twitter.com/GbKq4L5bBP
— Currencycloud (@Currencycloud) December 21, 2021
Currencycloud, a worldwide leader in B2B cross-border payments, has also joined with RippleNet, the financial payments network of Ripple. The cooperation, which was announced earlier this year, aims to make a technologically advanced cross-border payment method possible.
Mike Laven, CEO at Currencycloud noted this July that, “Currencycloud is all about bringing clarity, speed and value to the traditionally opaque, costly and time-consuming issues associated with cross-border payments, particularly for SMEs that have historically been under-served by traditional banking. Ripple’s solution will help us to extend our network to new parts of the world, removing more barriers to payments for our clients.”
Visa’s collaboration might broaden the scope of cryptocurrency payments
Currencycloud has previously serviced over 500 banking and technology clients with a global reach of over 180 countries prior to Visa’s acquisition. Visa’s bitcoin financial consulting arm for institutions, which was recently formed with the goal of expanding its crypto-focused services, has now expanded even further with Currencycloud’s enormous worldwide customer base.
Visa is an outspoken supporter of cryptocurrency, and with its exclusive Currencycloud collaboration, it looks that numerous crypto-positive products are on the way.
“Crypto for us is a huge new vertical and growth opportunity. And we will be continuing to focus on growing this business moving forward”, said Nikola Plecas, Visa’s European crypto lead earlier this month.