Visa makes another big bet on fintech, buying UK payments start-up Currencycloud

SourceCNBC
SectorFinancial Services
CountryMiddle east

LONDON — said Thursday it has agreed to buy British payments start-up Currencycloud, in its second major fintech acquisition of 2021. The deal values Currencycloud at £700 million ($962 million), Visa said. The payments giant led an $80 million investment in Currencycloud at the beginning of 2020.

As a result, Visa said the sum it’s paying for Currencycloud would be reduced by the outstanding equity it already owns. Founded in 2007, London-headquartered Currencycloud sells software for banks and fintech firms to process cross-border payments. It’s one of many business-focused fintechs that operate behind the scenes powering popular banking and payment apps like Monzo, Starling and Revolut. “Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments,” said Colleen Ostrowski, Visa’s global treasurer. “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,” she added. Shares of...read more...