Visa announced recently that they have acquired Currencycloud, the London-based API developers over a deal valued at $963 million, according to media reports. The price is considered to be a decent leap from the last funding round, where, according to some sources, it was valued at $500 million.
Visa participated in an $80 million Series E funding round in Currencycloud in January along with blue chip investor like BNP Paribas and Siam Commercial Bank. The reports also mentioned that the financial consideration will be reduced by the outstanding equity of Currencycloud that is already owned by Visa.
Currencycloud offers currency exchange services, including real-time notifications on foreign exchange transactions, multi-currency wallets, and virtual account management and their platform support nearly 500 banking and technology clients that reach in over 180 countries. Last year, their business attracted around 100 new clients and employees and they have also expanded to APAC and opened their first office in the region in Singapore.
Colleen Ostrowski, Visa’s global treasurer told the media, “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.”