International funds platform Currencycloud is the newest fintech to catch the attention of Visa, which introduced this week that it has agreed to amass the London-based fintech in a deal that values the corporate at $963 million (GBP 700 million). The acquisition announcement famous that the pact builds on a partnership that extends again to 2019 and bolsters Visa’s international alternate capabilities, enabling them to higher serve FIs, fintechs, and different companions, in addition to assist them discover new use instances and fee flows.
“At Currencycloud, we’ve all the time strived to ship a greater tomorrow for all, from the smallest start-up to the worldwide multi-nationals,” Currencycloud CEO Mike Laven mentioned. “Re-imagining how cash flows across the world financial system simply bought extra thrilling as we be part of Visa.” Laven added that bringing Currencycloud’s experience in fintech to Visa’s community will “allow us to ship higher buyer worth to the companies shifting cash throughout borders.”
Currencycloud will proceed to function out of its London, U.Okay. headquarters and its present administration crew will stay intact.
The acquisition information comes just some weeks after the Currencycloud introduced a partnership with International Processing Providers (GPS) to develop entry to cross-border funds. The collaboration will give fintechs the flexibility to boost their present product choices with merchandise like multi-currency digital wallets and companies like point-of-sale international alternate.
“For Fintechs, constructing a multi-currency answer requires an enormous effort throughout a number of useful and regulatory domains,” Currencycloud co-founder and VP of Partnerships & Enterprise Stephen Lemon defined when the collaboration was introduced in June. “By working with Currencycloud and GPS, fintechs can scale back the complexity concerned and get to market rather more shortly for a fraction of the price of self-building, whereas vastly decreasing ongoing operational danger and overhead.”
A Finovate alum for greater than six years, Currencycloud most lately demonstrated its expertise on the Finovate stage in 2018, the place the corporate offered its International Collections product. Since then, Currencycloud has grown right into a platform whose APIs have enabled processing of greater than $100 billion in transactions for firms starting from neobanks to monetary companies firms. Currencycloud at present helps practically 500 financial institution and fintech prospects, reaching greater than 180 nations.
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