- Visa has acquired Currencycloud, which will help the firm to improve its FinTech solutions
- The acquisition will also help Visa to reach out to several partners and enable new use cases
- The firm will be helping Visa to accelerate the time-to-market and enhance payment transparency for clients seeking to provide payments services
- Currencycloud will be operating from its headquarters in London
- Stellar is also seeking to acquire Moneygram
Visa is the global credit and debit card provider working on increasing the growth of digital assets. In a recent official publication, the firm revealed that it is about to acquire Currencycloud. Currencycloud is a cross-border payments services provider that runs on the RippleNet blockchain. The state-of-art solutions help several banks and FinTech firms to conduct payments seamlessly. Hence, the firm will now support the payments giant by reaching out to numerous new partners.
Why did Visa choose Currencycloud?
Currencycloud currently has more than 500 clients globally in banking and FinTech. The firm is operating in more than 180 countries around the globe. Notably, two firms have already been working with Currencycloud as a partnership. Following the scenario, Visa values the firm at a whopping $962,780,000. Furthermore, Visa also already had acquired a substantial amount of the firm.
How will Currencycloud help the credit cards giant?
With the acquisition, the credit card giant believes that the firm will help it to improve FinTech solutions. Moreover, the firm will allow it to reach out to several partners that will enable new use cases and payment flows.
On the other hand, the firm will be helping Visa to accelerate the time-to-market and enhance payment transparency for clients seeking to provide flexible, digital-first, and international payments services.
According to Colleen Ostrowski, Global Treasurer of Visa, the acquisition is another example of its execution in its network of networks strategy to facilitate global money movement.
More excellent value to payments services providers
According to Mike Laven, the CEO of Currencycloud, the firm has been striving to provide a better tomorrow for everyone. Indeed, the combination of the firm’s expertise and network of Visa will deliver more excellent value to the enterprises moving money across borders.
However, Currencycloud will be operating from its headquarters in London only. Moreover, it will retain its current management team.
Stellar continued competing with RippleNet
Where RippleNet’ customer Currencycloud has been obtained by Visa, its rival Stellar is not behind. Steller’s founder is found being in talks to acquire former Ripple partner, Moneygram. Indeed, the remittance behemoth is a hot property for taking over interest as digital payments moved away from legacy.