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Currencycloud: Visa acquires fintech firm to enhance cross-border payments

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TL;DR Breakdown

  • Visa acquires Currencycloud to enhance cross-border payments.
  • Other payments networks trying to acquire fintech firms.

Leading payment giant Visa continues to expand its presence in the cryptocurrency space as it announced the acquisition of United Kingdom-based fintech firm Currencycloud.

Announcing the obtainment of the fintech firm, Visa noted that the acquisition is aimed at enhancing its cross-border payments, foreign exchange business and boosting its platform to provide partners with premium services.

Additionally, the new purchase will enable Visa to reach out to many new partners and allow new use cases and payment flows. It will also improve payment transparency for customers looking to offer flexible, digital-first, international payment services that provide better visibility and control to consumers and businesses worldwide.

According to reports, Visa closed the acquisition deal of the fintech firm at a grand prize of £700 million ($962,780,000). Although, it is worth noting that the payment giant already owns a substantial amount of the fintech firm’s equity.

Colleen Ostrowski, Global Treasurer at Visa, expressed delight in the acquisition of the fintech firm. According to her, the acquisition of Currencycloud will further Visa’s ambition to facilitate global money movement.

Ostrowski further explained that the acquisition of Currencycloud would ensure the leading payment giant can support its clients and partners to reduce the pain points of cross-border payments and develop great user experiences for their customers.

Also, the announcement noted that Currencycloud would maintain its management team and continue to operate from its London headquarters.

Visa and currencycloud aside, other payments networks trying to acquire fintech firms

It is worth noting that more payment networks are currently exploring ways to also gain influence in the cryptocurrency space by acquiring fintech firms.

Notably, Stellar is currently in the negotiation phase to acquire MoneyGram. The firm, which is focused on connecting banks, payment systems, and individuals, quickly has disclosed its interest in acquiring the payment behemoth.

Also, JPMorgan Chase & Co has recently announced its move to buy OpenInvest, a fintech startup backed by Andreessen Horowitz and Y Combinator. This comes weeks after the bank said it has bought British digital wealth manager Nutmeg as part of its expansion into the UK retail banking and investment market.

However, it is worth noting that Currencycloud, which already facilitates cross-border payments for about 500 banking and technology firms, will boost the Visa ecosystem.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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