On Thursday, Visa announced that it will be acquiring London-based CurrencyCloud in a deal of USD 963 Million (GBP 700 Million). CurrencyCloud is an API developer that powered currency exchange service and remittance, the company is getting near to becoming a financial service giant. 

In mid of 2019, CurrencyCloud raised USD 80 Million in a funding round in which Visa also participated. The company values at nearly USD 500 Millon, this acquisition will be a significant leap in the valuation. 

Mike Laven, the CEO, Currencycloud, shared his views on the latest acquisition, in a statement. 

“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. 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.”

CurrencyCloud has nearly 500 customers in 180 Countries that utilizes its API to power the multi-currency wallet, account management, and currency exchange services. The customer’s list includes some of the biggest startups Dwolla, Starling, Revoult, Monzo, and Moneze. The named startups will continue to be a customer, and Visa will use the technology of the startups to support its own currency exchange to offer a wider set of services to its customers, who are fintech, financial institutions and more, and develop new services for the customers.

On the latest acquisition by Visa, Colleen Ostrowski, the Global Treasurer, Visa 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. 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.” –  he added.

Currency exchange and remittance are on a way to become a big business in the financial service world. Two of the factors that bring this era close are the eCommerce and Supply chain. Visa noticed that 43% of the SMEs globally implement some form of international trade in 2020. 

Visa will integrate and use CurrencyCloud’s technology and with the teams which were successfully tested out before the deal.

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