A Visa debit card.
Simon Dawson | Bloomberg | Getty Images
LONDON — Visa said Thursday it has agreed to bargain British payments start-up Currencycloud, successful its 2nd large fintech acquisition of 2021.
The woody values Currencycloud astatine £700 cardinal ($962 million), Visa said. The payments elephantine led an $80 cardinal concern successful Currencycloud astatine the opening of 2020. As a result, Visa said the sum it's paying for Currencycloud would beryllium reduced by the outstanding equity it already owns.
Founded successful 2007, London-headquartered Currencycloud sells bundle for banks and fintech firms to process cross-border payments. It's 1 of galore business-focused fintechs that run down the scenes powering fashionable banking and outgo apps similar Monzo, Starling and Revolut.
"Consumers and businesses progressively expect transparency, velocity and simplicity erstwhile making oregon receiving planetary payments," said Colleen Ostrowski, Visa's planetary treasurer.
"With our acquisition of Currencycloud, we tin enactment our clients and partners to further trim the symptom points of cross-border payments and make large idiosyncratic experiences for their customers," she added.
Shares of Visa hardly moved successful pre-market trading. The banal has risen implicit 22% successful the past year, however, acknowledgment to a roar successful integer payments during the coronavirus pandemic.
The acquisition of Currencycloud marks Visa's 2nd fintech woody this year, according to Crunchbase. The paper web institution past period agreed to bargain Swedish steadfast Tink for $2.1 billion, aft its effort to get Plaid, a U.S. rival, was thwarted by U.S. regulators.
Currencycloud has raised much than $160 cardinal successful full from investors including Google genitor institution Alphabet's task superior limb GV, French slope BNP Paribas and Japanese fiscal services steadfast SBI Holdings.
"Re-imagining however wealth flows astir the planetary system conscionable got much breathtaking arsenic we articulation Visa," said Mike Laven, Currencycloud's CEO.
"The operation of Currencycloud's fintech expertise and Visa's web volition alteration america to present greater lawsuit worth to the businesses moving wealth crossed borders."
Currencycloud, which has 500 banking and exertion clients successful much than 180 countries, volition proceed to run from its office successful London and support its currency absorption team. The woody is taxable to regulatory approvals and different customary closing conditions, Visa said.