Earthport FX gets sold to Currency Holdings Limited

Maria Nikolova

Visa believes that the Earthport FX business will be better positioned as a core part of the new owner’s organisation.

Further to the completion of its recommended cash offer for the share capital of Earthport, Visa today announces that it has taken a course of action which differs from the statements made in the offer document published in February 2019.

Following completion of the transaction, Visa and Earthport have made the decision to sell Earthport’s FX subsidiary – Earthport FX Limited, in order to accelerate the growth of Earthport’s wider core payment business. Visa says it believes that the Earthport FX business will be better positioned as a core part of the new owner’s organisation.

Earthport FX Limited is sold to Currency Holdings Limited, a business owned by Pollen Street Capital. Earthport FX Limited provides spot and foreign exchange services to individuals and businesses and is a separately incorporated and regulated company.

The transaction is subject to regulatory approval and other conditions. The completion of the deal is expected later in the year.

In May 2019, Visa Inc. (NYSE:V) announced it acquired control of Earthport. The acquisition will make it possible for Visa clients to enable individuals, businesses and governments to utilize Visa to send and/or receive money through bank accounts around the world. Earthport’s technology is set to allow Visa to further expand and scale Visa Direct’s rapidly growing portfolio of use cases, including funds disbursements, peer-to-peer payments, cross border payments, marketplace payouts, and bill payments.

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