Visa acquires Currencycloud to facilitate global funds movement

Karthik Subramanian

Visa has announced the acquisition of Currencycloud, which provides APIs which help institutions with remittance and currency exchange capabilities in a deal that is valued at $963 million.


It should be noted that Visa has already been working closely with Currencycloud and already owns a stake in the company by way of participation in a funding round last year which had valued the company at around $500 million at that time. The company already has over 500 customers in about 180 countries who use its APIs to power remittances, multicurrency wallets, and currency exchange services, and this acquisition is expected to provide a better reach for both companies.

“At Currencycloud, we’ve always strived to deliver a better tomorrow for all, from the smallest start-up to the global multi-nationals. Re-imagining how money flows around the global economy just got more exciting as we join Visa,” said Mike Laven, CEO, Currencycloud, in a statement. “The combination of Currencycloud’s fintech expertise and Visa’s network will enable us to deliver greater customer value to the businesses moving money across borders.”

With the global reach of companies improving over the years and with business picking up all over the world after the end of the pandemic, it is expected that more and more companies, big and small, would need to rely on sending and receiving payments across borders. In such situations, remittances and currency exchanges would be a key aspect of payments in the coming years. This industry is expected to grow manifold in the future and with Visa already boasting of a large clientele across the world, the currency conversion services would be an added boost for its product range and would also help to build its bottom line.

This currency exchange industry still has a long way to go, especially for banks and other major financial institutions, to catch up with the digital age. We are also seeing that the crypto industry is also beginning to eat into this space in direct competition as users are tired of the delays, fees, charges that accompany the remittance and exchange services. They need transparency, speed, and simplicity in the processes that are involved for such work and since crypto provides them with that at this point, we are seeing many users shifting to that despite it not being regulated. If Visa or any other company can disrupt that (using fiat currencies), then that would be a huge boost for this space and would spur further growth and competition.

Read this next


US and South Korea seek extradition of Luna founder Do Kwon

Both US and South Korean officials are seeking to extradite Terraform Labs CEO Do Kwon, just hours after he was arrested in Montenegro.

Retail FX

Pepperstone UK doubles profit, client assets in 2022

The London-based entity of Australian FX broker Pepperstone has reported its financials for the fiscal year ending June 30, 2022. The group had outperformed the last year’s flat performance, having doubled revenues and boosted the broker’s bottom line and shareholders’ fortunes.

Institutional FX

CLS FX volume rises to just shy of $2 trillion in February

Foreign exchange settlement provider, CLS Group saw strong volumes in February 2023 as the banking crisis continues to weigh on a world economy that’s yet to fully recover from the Russia-Ukraine war’s shocks.

Digital Assets

Binance restores trading after 2-hour outage

Binance suffered a breakdown on its trading engine that lasted for about two hours, but the premier cryptocurrency exchange finally managed to restore normal operations at around 14:00 UTC.

Digital Assets

Tether earns $700 million in Q1, taking excess reserves to $1.6 billion

Tether chief technology officer Paolo Ardoino said the world’s largest stablecoin issuer expects to earn more than $700 million in the January-Mach quarter, which will be added to the reserve backing its stablecoin (USDT).

Digital Assets

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

Narwhal Finance received strong support from Animoca Ventures and angel investors in a $1 million seed funding round, reinforcing the company’s vision of providing an accessible platform to all.


SteelEye tries ChatGPT for market surveillance

This capability can be used as a starting point for initiating a surveillance investigation and to standardize workflow processes to boost the throughput and consistency of cases. It is also useful when analyzing communications in foreign languages, as the system returns the above insights in English regardless of the languages being used.

Industry News

SEC charges ex-Morgan Stanley advisor of NBA players after $13m fraud

Darryl Matthew Cohen was arrested this week and is facing three different federal counts of fraud, which could amount to 20 years in prison if convicted, besides the SEC complaint. 

Industry News

AWS FinTech Africa Accelerator launched, applications until April 27, 2023

Founders will be offered tech resources, expert guidance, and a global network of industry leaders, technologists, entrepreneurs, investors, associations, and partners, in order to build their fintech products.