Visa Completes Acquisition of Currencycloud

Rhea-AI Summary

Visa (NYSE: V) has successfully completed the acquisition of Currencycloud, enhancing its capabilities in foreign exchange solutions for cross-border payments. This acquisition, building on their strategic partnership, allows Visa and Currencycloud to offer improved transparency and control to clients. Currencycloud supports over 500 banking clients and has processed more than $100 billion in transactions globally since 2012. The integration is expected to bolster Visa's growth in digital payments.

Positive

• Acquisition enhances Visa's foreign exchange solutions for cross-border payments.
• Currencycloud’s platform supports over 500 banking clients in 180 countries.
• The acquisition builds on an existing strategic partnership with Currencycloud.

Negative

• Integration challenges may arise post-acquisition.
• Forward-looking statements indicate potential risks that could affect performance.

LONDON & SAN FRANCISCO--(BUSINESS WIRE)-- Visa (NYSE: V) today announced it has completed the acquisition of Currencycloud, a global platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments.

Visa (NYSE: V) today announced it has completed the acquisition of Currencycloud. (Graphic: Business Wire)

The acquisition will empower Visa and Currencycloud clients and partners to provide greater transparency, flexibility and control for consumers and businesses when making international payments or doing business in multiple currencies.

The acquisition builds on an existing strategic partnership between Currencycloud and Visa. Currencycloud’s cloud-based platform already supports over 500 banking and technology clients with reach in over 180 countries and will continue to serve and support its customers and partners across the industry.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.

For more information, visit About Visa, visa.com/blog and @VisaNews.

About Currencycloud

Banks, fintechs and businesses everywhere can make bigger, better, bolder leaps with Currencycloud. Currencycloud gives businesses the capability to move money across borders, and transact globally in multiple currencies, fast. Experts at what they do, their technology makes it easy for clients to embrace digital wallets, and to embed finance into the core of their business – no matter what industry they’re in.

Since 2012, Currencycloud has processed more than $100bn to over 180 countries, working with banks, financial institutions and Fintechs around the world, including Starling Bank, Revolut, Penta and Lunar. Based in London with offices in New York, Amsterdam, Cardiff & Singapore, Currencycloud works with partners including Visa, Dwolla, GPS and Mambu to deliver simple, clear cross-border infrastructure solutions for clients. They are regulated in the UK, Canada, US, and the EU.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “will,” “is expected,” and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding Currencycloud’s future success, the impact of the acquisition on Visa’s growth, and the other benefits to Visa, financial institutions and consumers.

By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa’s forward-looking statements due to a variety of factors, including shifts in the regulatory and competitive landscape, cybersecurity incidents, the pace and success of integration, and various other factors, including those contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2021, and our other filings with the U.S. Securities and Exchange Commission.

You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211220005775/en/

Visa

Constantine Panagiotatos

Europeanmedia@visa.com

Press@visa.com

Source: Visa Inc.

FAQ

What is the significance of Visa acquiring Currencycloud?

The acquisition strengthens Visa's foreign exchange offerings and enhances its digital payment solutions.

How does the acquisition of Currencycloud affect Visa's clients?

Visa and Currencycloud clients will benefit from improved transparency and control in international payments.

What is Currencycloud's role in the payment industry?

Currencycloud facilitates cross-border payments and supports businesses in managing multiple currencies.

When was the acquisition of Currencycloud completed by Visa?

Visa completed the acquisition of Currencycloud on the date of the press release.

What financial impact is expected from Visa's acquisition of Currencycloud?

The acquisition is anticipated to bolster Visa's growth in the digital payments market.