VISA made an official announcement this Thursday that is has began the final stages in the acquisition of Currencycloud- the UK business-to-business payments startup that has been generating a lot of interest lately.
The main reason behind this procurement is the spike in cross-border transactions demand all over the world. Through this move, VISA has guaranteed its own expansion of its existing payment services.
Collen Ostrowski, Global Treasurer at VISA, detailed that the acquisition of Currencycloud is another step for VISA towards facilitating “global money movement”
Currencycloud’s main selling point is its cloud-based API provided to financial services companies, as well as banks, allowing these institutions to offer foreign exchange trading capabilities. The company also allows for its users to get notified in real-times on FX transactions, virtual account management, and multi-currency wallets. The London-based firm has grown popular; according to a statement released by Currencycloud, it has extended its services to more than 500 companies, and is present in more than 180 countries.
Chief Executive Officer at Currencycloud Mike Laven commented that the two companies will be working towards delivering more value to customers whose businesses transfer money across borders.
Currencycloud will continue to operate from London and will keep its original management team intact.
Nevertheless, VISA has been a partner to Currencycloud and has also invested in it in the past. Currently, the startup is valued at £700 million.
