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Visa to acquire Currencycloud for £700m

The acquisition of Currencycloud will help Visa strengthen its cross-border payments.

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Mike Laven/Currencycloud

Not one to dwell on the past, Visa has made another bid to acquire a fintech, this time in global cross-border payments platform Currencycloud.

The news comes just over six months after Visa’s failed $5.3bn takeover bid of financial API provider Plaid and its €1.8bn acquisition of Tink, which it announced last month.

Visa will shell out £700m (minus the stake it already owns in Currencycloud) for the platform as it looks to increase its fintech footprint further.

“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement,” Colleen Ostrowski, Visa’s global treasurer, said. 

“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.” 

Currencycloud, which is used by the likes of Revolut, Travelex, Starling Bank,Penta and Lunar, has helped its customers move more than $100bn to over 180 countries since it was founded in 2012.

“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,” Mike Laven, CEO of Currencycloud, added. 

“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.”

As part of the takeover deal, Currencycloud will still operate from its London headquarters and retain its current management team.

Just like any major takeover deal, Visa’s acquisition of Currencycloud is at the mercy of the regulators and is still pending approval. 

Let’s hope it doesn’t meet the same fate as the Plaid deal, which was nixed after pushback from the Department of Justice in the US, despite getting the green light from the CMA here in the UK.

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