Technology

Visa acquires Currencycloud, which makes APIs for remittances and currency transfers, in a $963M deal – TechCrunch

One and a half years later Currencycloud Raised $ 80 million for rounds including visas, The developers of APIs that enhance London-based money transfer and currency exchange services are even closer to the financial services giant. today, Visa announcement It will buy Currency Cloud in a $ 963 million (£ 700 million) worthwhile deal.

This price is a very decent leap from its last funding round, sources told us that the startup was valued at around $ 500 million.

(Visa already has capital in the company, so the actual amount you pay will be reduced by that amount.)

CurrencyCloud has approximately 500 customers in 180 countries and uses APIs to enhance multi-currency wallets, currency exchange services and account management. This includes major startups such as Monzo, Moneze, Starling, Revolut and Dwolla. These will continue, and in addition, Visa will use startup technology to strengthen its own currency exchange rails, offer a wide range of services to its own customers, including financial institutions, fintech, etc., and build new services. To do. Also for consumers.

“At Currencycloud, we’ve always strived to provide a better tomorrow for everyone, from the smallest start-ups to global multinationals. Currencycloud CEO Mike Laven said in a statement: “The combination of Currencycloud’s FinTech expertise and Visa’s network will enable us to provide greater customer value to companies that move funds across borders.”

Remittances and currency remittances have become a big business in the world of financial services, and the opportunities are expanding. Two factors driving this are the expansion of e-commerce far beyond national borders. Especially in the last 18 months, the supply chain has expanded. (Visa states that in 2020, about 43% of SMEs worldwide traded internationally in some way.) Consumer outlook with the rise of cloud-based mobile services that facilitate trading. It is becoming more and more global.

At the same time, remittances and currency remittances are two areas at stake, and existing services are often costly and inefficient. All of this prepares a company like Currency Cloud. CurrencyCloud has built a new implementation of currency transfer that can be incorporated into other financial services to make it run more smoothly.

Exits are also a classic example of how large, existing financial powers are generally difficult to innovate and dive into new services. Promote yourself to the next generation of financial services. Whether Visa can successfully integrate and use Currency Cloud technology and work with its team is two things that have already been tested. The two were strategic partners prior to this transaction.

“The acquisition of Currencycloud is another example of Visa being implemented in a network of network strategies to facilitate global money transfers,” he said. In a statement, Colleen Ostrovsky, Visa’s Global Treasurer. “Consumers and businesses are increasingly expecting transparency, speed and simplicity when making and receiving international payments. With the acquisition of Currencycloud, we support our clients and partners to break the border. We can further reduce the problem of overpayment and provide our customers with a better user experience. “

Visa acquires Currencycloud, which makes APIs for remittances and currency transfers, in a $963M deal – TechCrunch Source link Visa acquires Currencycloud, which makes APIs for remittances and currency transfers, in a $963M deal – TechCrunch


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