Visa acquires cross-border payment fintech Currencycloud

Visa formal Announce On Thursday, it signed a definitive agreement to acquire Currencycloud, a fintech platform that supports approximately 500 banks and technology customers in more than 180 countries.

The new acquisition aims to improve Visa’s foreign exchange business and expand it to provide services to financial institutions, fintech companies and partners. The company’s global treasurer, Colleen Ostrowski, stated that the transaction will particularly improve Visa’s payment transparency and speed, and said:

“The acquisition of Currencycloud is another example of Visa executing our network strategy to facilitate global capital flows. Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments.”

The new acquisition is based on the existing strategic cooperation between the two companies, because Visa already owns an equity interest in Currencycloud, valued at US$956 million, including cash and retention incentives.Last year, the visa Participated in $80 million in financing Currencycloud cooperates with investors such as the Japanese financial group SBI Group.

According to the announcement, Currencycloud will maintain its operations at the company’s headquarters in London and will retain its existing management team. The acquisition still requires regulatory approval.

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The acquisition was made shortly after Currencycloud established a partnership with Ripple. Cryptocurrency company behind Ripple Token.Currency Cloud Official Announce It partnered with Ripple in early July to explore new mechanisms for cross-border transactions, with a special focus on jurisdictions that restrict opportunities for SMEs.

A Visa spokesperson told Cointelegraph that these companies will continue to operate as separate entities until they are closed. “It’s business as usual until then,” the representative said.

At the time of the latest acquisition, Visa continues to be committed to adopting digital currencies and actively embraces major cryptocurrencies such as Bitcoin (Bitcoin) with Stable currency linked to fiat currency. Last week, Visa approved Issue a new Bitcoin debit card In Australia.