Sumary of UPDATE 1-Visa to acquire Currencycloud at 700 million pounds valuation:
- By Anna Irrera2 Min ReadCredit card is seen in front of displayed Visa logo in this illustration taken, July 15, 2021. REUTERS/Dado Ruvic/Illustration(Reuters) – Visa Inc said on Thursday that it had agreed to buy British cross-border payments provider Currencycloud at a valuation of 700 million pounds ($962.01 million).
- Launched in 2012, Currencycloud facilitates cross-border payments for nearly 500 banking and technology companies, including well-known European fintechs Klarna, Monzo, Starling and Revolut.
- Since its launch it has moved more than $75 billion in payments to over 180 countries.
- The aggressive acquisition strategy is part of Visa’s push to diversify revenues beyond credit card payments, where it is one of the world’s dominant players.