- Currencycloud, a well-known online money transfer provider, has confirmed that it will be acquired by Visa, which already has a stake in the company.
- Currencycloud is believed to have been valued at £ 700million as part of the process and the current management team will continue to play their role once the acquisition is complete.
- “The acquisition of Currencycloud is another example of Visa’s execution of our ‘network of networks’ strategy to facilitate the movement of money globally,” said a spokesperson for Visa.
Online money transfer provider Currencycloud will be acquired by one of the world’s leading financial services companies.
The company will be bought by Visa as part of a package that sees Currencycloud valued at £ 700million.
The companies already have a strategic partnership in place, with Visa currently owning part of the business.
This system of equity participation and retention incentive will be reflected in the amount Visa pays to collect the remainder.
This move is expected to increase Visa’s foreign exchange capacity by improving speed to market.
It will also allow better transparency for customers who want to take a digital approach to international payments, the companies said.
The acquisition will have to go through an approval process with major regulators before the decision can be formally made.
It is understood that the Currencycloud management team will be retained when the transaction takes place.
The company will also continue to operate from its headquarters in London.
In a statement, Visa’s global treasurer said the move reflected Visa’s broader desire to become a “network of networks.”
In a statement, Colleen Ostrowski said, “The acquisition of Currencycloud is another example of Visa’s execution of our ‘network of networks’ strategy to facilitate the movement of money globally.”
“Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments,” she said.
“With our acquisition of Currencycloud, we can help our customers and partners further reduce the problems with cross-border payments and develop great user experiences for their customers. “
Mike Laven, CEO of Currencycloud, said all kinds of businesses are benefiting from the world she is trying to envision.
“At Currencycloud, we have always strived to provide a better future for everyone, from the smallest start-ups to global multinationals,” he said.
“Re-imagining the way money flows in the global economy has become more exciting as we join Visa. “
“The combination of Currencycloud’s fintech expertise and Visa’s network will allow us to deliver greater customer value to businesses that move money across borders,” he added.
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