Visa To Buy UK-based Currencycloud - Quick Facts

(RTTNews) - Visa Inc. (V) announced Thursday that it has signed a definitive agreement to acquire Currencycloud, a UK-based platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments.

The company said the financial consideration will be reduced by the outstanding equity of Currencycloud that Visa already owns.

The acquisition values Currencycloud at 700 million, inclusive of cash and retention incentives.

The transaction is subject to regulatory approvals and other customary closing conditions.

Following the acquisition, Currencycloud will continue their operations from their headquarters in London and will retain their current management team.

Currencycloud's cloud-based platform offers a broad set of APIs enabling banks and financial services providers to offer currency exchange services. Its platform supports nearly 500 banking and technology clients with reach in over 180 countries.

The acquisition is expected to strengthen Visa's existing foreign exchange capabilities by extending them to better serve financial institutions, fintechs and partners while enabling new use cases and payment flows.