The Fintech sector is touching new heights. With a tech push the finance sector is rebuilding traditional modes of payments.Data science, cloud computing play an important role in the financial sector. In the ever evolving business era companies are focusing on cross border financial transactions to take their business to new heights. Rapyd, Airwallex, Ripple, Veem, Payoneer, Currencycloud and Chipper Cash are some US based financial companies that facilitate cross border payments.
As per statistics 43% B2B enterprises conducted business across borders in the year 2020. In order to facilitate hassle free cross border business transactions Visa has acquired currencycloud, a financial company that provides cloud based platform to facilitate cross border payments.
(Must Check: What is Fintech? Examples and Applications)
About Acquisition Deal
Acquisition deal will be closed at $963 million (700 million pound sterling). Currencycloud is leading the cross border business and has successfully facilitated transactions close to $100 billion. Visa has made 15 acquisitions so far. Tink, Yellowpaper, Payworks, Bell ID, Rambus- Payment and Ticketing, CardinalCommerce and Fraedom are a few financial companies that are now under Visa. Visa’s lead investors include TAG, LoginID, Greenwood Bank, Minna Technologies, Global Processing Services and MagicCube.
Currencycloud provides multi currency , local convertible accounts and automated payment processes that enable business enterprises to collect, pay, and convert funds within the shortest timespan. At present currency cloud has 500 banking and technology clients in 180 countries. Currencycloud’s acquisition will give a push to Visa’s cross border payment profile. Visa leading global payment service provider will expand its business portfolio for B2B companies. Visa Credit, debit and gift cards are extremely popular in the United States.
Currencycloud’s business skyrocketed in the year 2020. Its estimated annual revenue is $38.4 million. Currencycloud will get the Visa brand name to scale its business. Both the companies have previously partnered in 2019. Dwolla, Carta Worldwide, GPS, Tribe, Enfuce are Currencycloud’s business partners.
According to businesswire Colleen Ostrowski, Visa’s Global Treasurer said, “Global Treasurer. “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.”
FAQs
About Acquisition Deal
What is Visa CurrencyCloud? ›
Currencycloud is Visa's solution to empower Banks, Fintechs, and FX Brokers to offer multi-currency services quickly and easily through a ready-made suite of solutions, embedded in your software via APIs.
How does currency cloud work? ›
Our platform offers an automated, end-to-end payment process. You can send funds to customers in 37 currencies across 180+ countries. We take care of all the banking integration, compliance and payment requirements on your behalf. Payments can be made via our APIs or from Currencycloud Direct.
Who owns CurrencyCloud? ›
What is the mission of Currencycloud? ›
We are passionate about embedded finance and believe it's the future, so we want to share our expertise with any business out there who is struggling to make cross-border and multi-currency solutions part of their offering. We predict a future where every company will be a Fintech company.
Is currencycloud a unicorn? ›
About Currencycloud
We are an open & collaborative Fintech unicorn that lives and breathes our company values: Be Human, Better Together and Own it.
Is currencycloud a fintech? ›
Our Fintech Payment Solutions
Currencycloud enables the next generation of FinTech to build cross-border payments and FX functionality quickly and easily into their platforms — while maintaining complete control of the user experience.
What companies use Currencycloud? ›
Current as of February, 2024
| Sub Processor Name | Region | Purpose |
|---|
| Hubspot | US | Marketing/Sales Services |
| Lucinity | EU | Compliance Services |
| Microsoft | EU | Document Storage and Communications Services |
| Miuros | EU | Productivity Services |
38 more rowsTop 10 Currencycloud competitors
- NIUM.
- Airwallex.
- Railsr.
- ALT21.
- Narvi.
- MoneyGram.
- Kantox.
- Payall.
Pricing Model Clients can manage their end to end international payments with Currencycloud for 0.25%, regardless of currency and destination. Clients choose their Payment Model Local - From $0.50 Payments normally take 1-3 days and cover 31 countries.
Currencycloud supports more than 30 currencies, enabling our clients to send payments in 31 currencies via Swift and 19 currencies via local routes. We're already connected to 21 local systems via pre-established banking partnerships, giving our clients instant access to SEPA, ACH, Faster Payments and more.
Why work for Currencycloud? ›
Our Culture
We share a commitment to challenging the status quo and creating bold solutions that transform the financial services industry. Ours is a story of growth — both for our clients and for ourselves. If agile, fast-paced and dynamic are what you are looking for, you've come to the right place.
How much is Currencycloud valuation? ›
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.
Who is the CFO of currency cloud? ›
Fiona Tee is the Chief Financial Officer at Currencycloud .
What is a currency cloud? ›
Currencycloud is an open banking API and multi-currency platform with headquarters in London, UK. The service provider allows financial institutions to send transfers across borders, delivering the most diversified list of supported currencies.
Who is Michael Laven CEO? ›
Mike Laven
Mike joined Currencycloud in 2012, and as CEO has had a major influence on growing the company into a leader in integrated finance. Under his leadership, Currencycloud has established itself as a major player in the digital financial services revolution.
Why work for currencycloud? ›
Our Culture
We share a commitment to challenging the status quo and creating bold solutions that transform the financial services industry. Ours is a story of growth — both for our clients and for ourselves. If agile, fast-paced and dynamic are what you are looking for, you've come to the right place.
Does currencycloud use swift? ›
Currencycloud supports more than 30 currencies, enabling our clients to send payments in 31 currencies via Swift and 19 currencies via local routes. We're already connected to 21 local systems via pre-established banking partnerships, giving our clients instant access to SEPA, ACH, Faster Payments and more.
How does Visa payment network work? ›
When a cardholder initiates a transaction, information moves from the business's POS terminal to the acquirer (the business's bank). Visa then acts as an intermediary, routing the transaction information to the issuing bank for approval or denial, based on various factors such as available funds or potential for fraud.
Does Visa use the cloud? ›
Visa Cloud Connect helps you connect to VisaNet via your participating cloud-based infrastructure.
