This Tuesday market VISA’s acquisitions of Currencycloud, one of the most promising UK startup companies whose main services are to provide FX solutions for international payments.
Currencycloud offers cloud-based APIs to fin services providers as well as banks, which allows them to directly offer FX exchanges, as well as on-time notifications on any FX transactions. Other features of the firm include account managers and virtual wallets for currencies.
The official press release stated that with the acquisition a new era of “greater transparency” has begun for all VISA and Currencycloud users. Furthermore, a reliance on flexibility and control will facilitate both companies and consumers when dealing with international payments in different currencies.
On the acquisition of the company, Colleen Ostrowski, Global Treasurer at VISA, said that,
“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.”
It is now known that VISA had previously invested nearly $80 million in the company last year, showcasing an interest in the company form at least a year and a half prior to the official acquisitions. The final deal was struck after 5 months of negotiation.
Currency cloud support over 500 tech and banking clients in over 180 countries.
