Visa Bought Cloud Fintech Platform Currencycloud for Almost $1 Billion

Visa has acquired ownership of the Currencycloud cloud computing platform. The British firm offers foreign currency solutions for cross-border payments to financial institutions and fintech enterprises.

Visa said in an official announcement that the transaction was worth £700 million, which is around $924 million. That was the sum that was stated when the agreement was initially revealed in July.

When completed, the agreement will improve openness and flexibility in the operations of Visa and Currencycloud customers and partners, while also enhancing control for consumers and companies when making international payments and doing business in a variety of currencies.

Currencycloud collaborates with more than 500 banks and technology businesses in 180 countries, according to the company. Among the APIs offered by the firm for currency conversion are multi-currency wallets and virtual account management, among other things.