Visa Completes Acquisition of Payments Startup Currencycloud

Global payments giant, Visa (NYSE: V) announced on Tuesday that it has completed the acquisition of Currencycloud, a UK-based startup that provides foreign exchange (forex) solutions for cross-border payments.

The closure came almost 5 months after Visa and Currencycloud entered into an agreement for the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term.

“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 official press release stated.

“The acquisition builds on an existing strategic partnership between Currencycloud and Visa.”

Bolding a Massive Payment Network

Indeed, Currencycloud’s services complement Visa’s existing payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term network. The startup primarily offers Cloud-based APIs to banks and financial services providers, enabling them to offer currency exchange services. In addition, it provides real-time notifications on foreign exchange transactions, multi-currency wallets and virtual account management.

Moreover, the announcement detailed that the UK company has already supported over 500 banking and technology clients with a reach across more than 180 countries.

Even before the acquisition, Visa had already started to take interest in the UK startup and pumped $80 million into the company as investments in 2020, Finance Magnates then reported.

Furthermore, Currencycloud was valued at £700 million that includes cash and retention incentives. However, the net financial consideration of the acquisition deal was reduced as Visa already held outstanding equity in Currencycloud.

“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement,” the Global Treasurer at VISA, Colleen Ostrowski said earlier.

“With our acquisition of Currencycloud, we can support our clients and partners to further reduce the pain points of cross-border payments and develop great user experiences for their customers.”