Visa (NYSE: V) today announced it has signed a definitive
agreement to acquire Currencycloud, a global platform that enables
banks and fintechs to provide innovative foreign exchange solutions
for cross-border payments. The acquisition builds on an existing
strategic partnership between the two companies and values
Currencycloud at £700 million, inclusive of cash and retention
incentives. The financial consideration will be reduced by the
outstanding equity of Currencycloud that Visa already owns.
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. The Currencycloud platform supports nearly 500 banking
and technology clients with reach in over 180 countries.
Currencycloud will strengthen Visa’s existing foreign exchange
capabilities by extending them to better serve financial
institutions, fintechs and partners while enabling new use cases
and payment flows. Currencycloud will accelerate the time-to-market
and improve payment transparency for clients looking to offer
flexible, digital-first, international payment services that
provide better visibility and control to consumers and businesses
around the world.
Cross-border payments have seen significant growth due to rising
demand from businesses of all sizes to engage in international
trade. A recent study revealed that 43% of all small businesses
conducted international trade in 2020.1 The addition of
Currencycloud’s capabilities to Visa’s network will widen access to
innovative international payment products that help businesses meet
their cross-border needs.
“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.
“Consumers and businesses increasingly expect transparency, speed
and simplicity when making or receiving international payments.
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.”
“At Currencycloud, we’ve always strived to deliver a better
tomorrow for all, from the smallest start-up to the global
multi-nationals. Re-imagining how money flows around the global
economy just got more exciting as we join Visa,” said Mike Laven,
Chief Executive Officer, Currencycloud. “The combination of
Currencycloud’s fintech expertise and Visa’s network will enable us
to deliver greater customer value to the businesses moving money
across borders.”
Currencycloud will continue their operations from their
headquarters in London and will retain their current management
team. The transaction is subject to regulatory approvals and other
customary closing conditions.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments.
Our mission is to connect the world through the most innovative,
reliable and secure payment network – enabling individuals,
businesses and economies to thrive. Our advanced global processing
network, VisaNet, provides secure and reliable payments around the
world, and is capable of handling more than 65,000 transaction
messages a second. The company’s relentless focus on innovation is
a catalyst for the rapid growth of digital commerce on any device
for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and
scale to reshape the future of commerce. For more information,
visit About Visa, visa.com/blog and @VisaNews.
About Currencycloud
Banks, fintechs and businesses everywhere can make bigger,
better, bolder leaps with Currencycloud. Currencycloud gives
businesses the capability to move money across borders, and
transact globally in multiple currencies, fast. Experts at what
they do, their technology makes it easy for clients to embrace
digital wallets, and to embed finance into the core of their
business – no matter what industry they’re in.
Since 2012, Currencycloud has processed more than $100bn to over
180 countries, working with banks, financial institutions and
Fintechs around the world, including Starling Bank, Revolut, Penta
and Lunar. Based in London with offices in New York, Amsterdam,
Cardiff & Singapore, Currencycloud works with partners
including Visa, Dwolla, GPS and Mambu to deliver simple, clear
cross-border infrastructure solutions for clients. They are
regulated in the UK, Canada, US, and the EU.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are identified by words
such as “will,” “is expected,” and other similar expressions.
Examples of forward-looking statements include, but are not limited
to, statements we make regarding the timing and likelihood of
closing, Currencycloud’s future success, the impact of the
acquisition on Visa’s growth, and the other benefits to Visa,
financial institutions and consumers.
By their nature, forward-looking statements: (i) speak only as
of the date they are made; (ii) are not statements of historical
fact or guarantees of future performance; and (iii) are subject to
risks, uncertainties, assumptions or changes in circumstances that
are difficult to predict or quantify. Therefore, actual results
could differ materially and adversely from Visa’s forward-looking
statements due to a variety of factors, including the timing and
outcome of the regulatory approval process, shifts in the
regulatory and competitive landscape, cybersecurity incidents, the
pace and success of integration, and various other factors,
including those contained in our Annual Report on Form 10-K for the
fiscal year ended September 30, 2020, and our other filings with
the U.S. Securities and Exchange Commission.
You should not place undue reliance on such statements. Except
as required by law, we do not intend to update or revise any
forward-looking statements as a result of new information, future
developments or otherwise.
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https://www.mercatoradvisorygroup.com/Viewpoints/Business-to-Business_Cross-Border_Payments__New_and_Improving_Options/
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version on businesswire.com: https://www.businesswire.com/news/home/20210722005434/en/
Media Contacts
Visa Jennifer Scardino Europeanmedia@visa.com
Currencycloud Claudia Bate press@currencycloud.com
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