Visa Inc said on Thursday that it had consented to purchase British cross- border payments provider Currencycloud at a valuation of 700 million pounds ($962.01 million).
Visa has been a Currencycloud investor since 2020, and the financial consideration will be decreased by the value that the card network company as of now possesses in the startup, the company said.
Launched in 2012, Currencycloud facilitates cross-border payments for almost 500 banking and technology companies, including notable European fintechs Klarna, Monzo, Starling and Revolut. Since its launch it has moved more than $75 billion in payments to more than 180 nations.
The arrangement comes about a month after Visa declared it had agreed a 1.8 billion euro ($2.2 billion) takeover of European open banking platform Tink.
The forceful procurement technique is important for Visa’s push to diversify incomes beyond credit card payments, where it is one of the world’s predominant players. Card companies have been confronting increased pressure from regulators on charges, particularly in Europe.
“The purchase of Currencycloud is another illustration of Visa executing on our network of networks strategy to facilitate global money movement” Colleen Ostrowski, Visa’s Global Treasurer, said in a release.
Currencycloud will keep up with its management team and keep on working from its London headquarters. The transaction is dependent upon regulatory approvals and other standard closing conditions.
Other Currencycloud investors include BNP Paribas SA, SBI Group, Slam Commercial Bank, Sapphire Ventures, Notion Capital and GV, formerly Google Ventures.
