Visa acquires fintech forex payments platform Currencycloud
Global payments giant Visa has acquired Currencycloud – a global platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments.
The move will enable clients and partners of Visa and Currencycloud to provide greater transparency, flexibility and control for consumers and businesses when making international payments or handling payments in different currencies.
Currencycloud and Visa already had a working relationship, with Currencycloud’s cloud-based platform supporting more than 500 banking and technology clients in more than 180 countries.
What is payments platform Cloudcurrency?
Currencycloud gives businesses the capability to quickly make cross-border payments in multiple currencies. Currencycloud’s technology makes it simple for clients to use digital wallets and build finance into their business.
Established in 2012, Currencycloud has processed more than US$100bn in payments to more than 180 countries. It has worked with the likes of Starling Bank, Revolut, Penta and Lunar. Currencycloud partners include Visa, Dwolla, GPS and Mambu – to deliver simple, cross-border solutions for clients.
Currencycloud is based in London and has offices in New York, Amsterdam, Cardiff, and Singapore, and are regulated in the UK, Canada, the US, and the EU.
News of the acquisition first emerged in July 2021, with Currencycloud CEO Mike Laven saying they had been working closely with Visa since 2019.
“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,” said Laven.
“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.”