Visa, the world’s largest payment system, has completed the purchase of Ripple partner CurrencyCloud for a staggering $925 million.
Visa, the world’s largest payments company, has purchased Currencycloud, a worldwide platform that enables banks and fintech to offer innovative foreign currency solutions for cross-border payments.
Clients and partners of Visa and Currencycloud will be able to give better transparency, flexibility, and control for consumers and businesses when making international payments or dealing with payments in multiple currencies as a result of the shift.
Currencycloud and Visa had previously collaborated, with Currencycloud’s cloud-based platform servicing over 500 banking and technology clients in over 180 countries.
Currencycloud enables firms to make cross-border payments in several currencies fast. Clients can use digital wallets and incorporate finance into their businesses with the help of Currencycloud’s technology.
Currencycloud, which was founded in 2012, has processed over US$100 billion in payments to over 180 countries. It has partnered with Starling Bank, Revolut, Penta, and Lunar, among others. Visa, Dwolla, GPS, and Mambu are some of Currencycloud’s partners who help clients with simple cross-border solutions.
Currencycloud is headquartered in London, with offices in New York, Amsterdam, Cardiff, and Singapore. It is regulated in the United Kingdom, Canada, the United States, and the European Union.
Currencycloud CEO Mike Laven said they have been working closely with Visa since 2019 when the transaction was first announced in July 2021.
“In Visa, we found a partner who is not only dedicated to improving financial services, but one that is just as dedicated to their employees and committed to the same values and principles as Currencycloud,” Laven told.
“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. There is still so much to do, and together with Visa, the possibilities are endless.” He continued.