- Currencycloud, a well-known online money transfer provider, has confirmed that it will be taken over by Visa, which already owns a stake in the business.
- It is believed that Currencycloud was valued at £700m as part of the process, and that the present management team will continue in their roles once the acquisition goes through.
- “The acquisition of Currencycloud is another example of Visa executing on our ‘network of networks’ strategy to facilitate global money movement,” said a Visa spokesperson.
Online money transfer provider Currencycloud will be acquired by one of the world’s leading financial services companies.
The firm will be bought by Visa as part of a package that sees Currencycloud valued at £700m.
The firms already have a strategic partnership in place, with Visa currently owning part of the company.
This equity stake and retention incentive system will be reflected in the amount that Visa pays to collect the rest.
The move is expected to boost Visa’s foreign exchange capacity by improving the time-to-market speed.
It will also permit better transparency for customers who are aiming to take a digital-first approach to international payments, the companies said.
The acquisition will need to go through an approval process with major regulators before the move can be made officially.
It is understood that Currencycloud’s management team will be kept in post when the transaction occurs.
The firm will also continue to operate from its London headquarters.
In a statement, the global treasurer of Visa said that the move reflected a broader push by Visa to become a “network of networks”.
In a statement, Colleen Ostrowski said: “The acquisition of Currencycloud is another example of Visa executing on our ‘network of networks’ strategy to facilitate global money movement.”
“Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments,” she said.
“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.”
Mike Laven, Currencycloud’s chief executive officer, said that all sorts of businesses benefit from the world it is trying to envisage.
“At Currencycloud, we’ve always strived to deliver a better tomorrow for all, from the smallest start-up to the global multi-nationals,” he said.
“Re-imagining how money flows around the global economy just got more exciting as we join Visa.
“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."
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