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.

visa

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

Digital Assets

US Treasury official clarifies stance on crypto mixing services

The Financial Crimes Enforcement Network (FinCEN) proposed a rule last year to classify convertible crypto mixing as a “class of transactions” with primary money laundering concerns.

Fintech

Robinhood sweetens US crypto offering with trading API

Robinhood has launched a cryptocurrency trading application programming interface (API) for users in the United States. The new API caters to seasoned crypto traders by enabling automated trading strategies, allowing users to react quickly to market movements and trends.

blockdag

After Retik Finance’s 67% Drop, Investors Turn to BlockDAG’s 30,000x ROI Potential to Recover Their Losses

Explore how BlockDAG’s $37M presale is drawing investors while Retik Finance collapses to $0.403.

Digital Assets

Terraform Labs and co-founder Do Kwon reach settlement with SEC

Terraform Labs and its co-founder Do Kwon have reached a “settlement in principle” with the U.S. Securities and Exchange Commission (SEC) regarding a fraud case, according to a court filing on Thursday.

Market News, Tech and Fundamental, Technical Analysis

FTSE 100 Index Technical Analysis Report 30 May, 2024

FTSE 100 Index can be expected to rise further toward the next resistance level 8325.00, which reversed the price earlier this month.

Chainwire

Sui and Atoma Bring the Power of AI to dApp Builders

The integration of Atoma adds new capabilities to Sui’s flourishing developer ecosystem with unique AI-querying capabilities.

Digital Assets

Talos incorporates DeFi with Skolem acquisition

Talos has acquired Skolem to enable clients to incorporate DeFi into their workflows in a move that sets a new standard for the digital asset OEMS and PMS.

Reviews

Ramp Network Deepens Local Presence by Introducing Payouts in Over 35 National Currencies and Instant Bank Payouts in Europe

Ramp Network expands its reach with new payouts in over 35 national currencies and introduces SEPA Instant bank transfers in Europe, enhancing crypto-to-fiat conversion options for users globally.

<