logo
  

Visa To Buy UK-based Currencycloud - Quick Facts

Visa Inc. (V) announced Thursday that it has signed a definitive agreement to acquire Currencycloud, a UK-based platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments.

The company said the financial consideration will be reduced by the outstanding equity of Currencycloud that Visa already owns.

The acquisition values Currencycloud at 700 million, inclusive of cash and retention incentives.

The transaction is subject to regulatory approvals and other customary closing conditions.

Following the acquisition, Currencycloud will continue their operations from their headquarters in London and will retain their current management team.

Currencycloud's cloud-based platform offers a broad set of APIs enabling banks and financial services providers to offer currency exchange services. Its platform supports nearly 500 banking and technology clients with reach in over 180 countries.

The acquisition is expected to strengthen Visa's existing foreign exchange capabilities by extending them to better serve financial institutions, fintechs and partners while enabling new use cases and payment flows.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
While reporting its financial results for the second quarter on Thursday, Kellogg Co. (K) reaffirmed its currency-neutral adjusted earnings growth guidance for the full year 2021. For fiscal 2021, the company now projects currency-neutral adjusted earnings per share growth of about 1 to 2 percent... Moderna Inc. (MRNA) reported a profit for the second quarter compared to a loss in the previous year, reflecting surging revenues on commercial sales of the company's COVID-19 vaccine in the U.S. Quarterly earnings per share and revenues topped analysts' expectations. The company raised its 2021 sales forecast for its COVID-19 vaccine. New Widetech has recalled dehumidifiers sold under various brand names citing fire and burn risks, the U.S. Consumer Product Safety Commission said. The brand names include AeonAir, Amana, Haier, Honeywell, and Whirlpool, among others. The recall was initiated after New Widetech received reports of 107 incidents of the recalled dehumidifiers overheating and/or catching fire.
Follow RTT