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Payments platform Visa has announced that has acquired fintech platform Currencycloud to expand services across the globe.
With more than 500 banking clients across nearly 200 countries around the world, Currencycloud will be able to further Visa’s services and support to businesses and retailers. The new acquisition is set to improve services for international exchange and foreign transactions. The fintech firm will be able to assist Visa’s services to accelerate payments and offer more flexible transactions. With a focus on digital-first, Currencycloud offers Visa a focused platform to assist clients in quicker, more seamless cryptocurrency payments.
According to Visa’s global treasurer, Colleen Ostrowski, working with Currencycloud’s expertise will help increase transaction speed and simplicity:
“The acquisition of Currencycloud is another example of Visa executing on our network of networks strategy to facilitate global money movement. Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments. 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.”
While the agreement is an acquisition, Currencycloud will continue its operations from its headquarters in London. Operations will also continue under the current management team. Mike Laven, Currencycloud CEO noted that this step for the fintech firm is an exciting one. From Currencycloud’s point of view, the signed agreement will help deliver an improved way to move money across the world. He offered:
“At Currencycloud, we’ve always strived to deliver a better tomorrow for all, from the smallest start-up to the global multi-nationals. Re-imagining how money flows around the global economy just got more exciting as we join Visa. The combination of Currencycloud’s fintech expertise and Visa’s network will enable us to deliver greater customer value to the businesses moving money across borders.”