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Visa completes acquisition of Currencycloud

Visa completes acquisition of Currencycloud

First announcing the deal in July 2021, Visa has completed its acquisition of Currencycloud - a global platform enabling banks and fintechs to provide foreign exchange solutions for cross-border payments.

The acquisition builds on an existing strategic partnership between the two companies that was struck in 2019, and values Currencycloud at £700 million.

In January, Visa participated in an $80 million Series E funding round in Currencycloud, alongside blue-chip investors such as BNP Paribas and Siam Commercial Bank.

Currencycloud’s cloud-based platform offers a broad set of APIs enabling banks and financial services providers to offer currency exchange services, including real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management. 

Currencycloud’s cloud-based platform supports nearly 500 banking and technology clients with reach in over 180 countries, this year expanding across Spain, France, Germany and opening a new office in Singapore. The platform now processes over $5 billion in cross-border transactions per month.

On the acquisition, Mike Laven, CEO of Currencycloud, stated: “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.”

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