Visa to acquire cross-border payments fintech Currencycloud
July 22, 2021. Summarized by summa-bot.
Compression ratio: 47.9%. 1 min read.
Last year, Visa took part in an $80 million funding round for Currencycloud.
The new acquisition aims to improve Visa’s foreign exchange business and expand them to serve financial institutions, fintechs and partners.
The deal will specifically improve Visa’s payment transparency and speed, the company’s global treasurer Colleen Ostrowski said, stating:
“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement.
The new acquisition is based on an existing strategic collaboration between the two firms as Visa already owns an equity stake at Currencycloud, valued at 700 million ($956 million) including cash and retention incentives.