The Fintech sector is touching new heights. With a tech push the finance sector is rebuilding traditional modes of payments.Data science, cloud computing play an important role in the financial sector. In the ever evolving business era companies are focusing on cross border financial transactions to take their business to new heights. Rapyd, Airwallex, Ripple, Veem, Payoneer, Currencycloud and Chipper Cash are some US based financial companies that facilitate cross border payments.
As per statistics 43% B2B enterprises conducted business across borders in the year 2020. In order to facilitate hassle free cross border business transactions Visa has acquired currencycloud, a financial company that provides cloud based platform to facilitate cross border payments.
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About Acquisition Deal
Acquisition deal will be closed at $963 million (700 million pound sterling). Currencycloud is leading the cross border business and has successfully facilitated transactions close to $100 billion. Visa has made 15 acquisitions so far. Tink, Yellowpaper, Payworks, Bell ID, Rambus- Payment and Ticketing, CardinalCommerce and Fraedom are a few financial companies that are now under Visa. Visa’s lead investors include TAG, LoginID, Greenwood Bank, Minna Technologies, Global Processing Services and MagicCube.
Currencycloud provides multi currency , local convertible accounts and automated payment processes that enable business enterprises to collect, pay, and convert funds within the shortest timespan. At present currency cloud has 500 banking and technology clients in 180 countries. Currencycloud’s acquisition will give a push to Visa’s cross border payment profile. Visa leading global payment service provider will expand its business portfolio for B2B companies. Visa Credit, debit and gift cards are extremely popular in the United States.
Currencycloud’s business skyrocketed in the year 2020. Its estimated annual revenue is $38.4 million. Currencycloud will get the Visa brand name to scale its business. Both the companies have previously partnered in 2019. Dwolla, Carta Worldwide, GPS, Tribe, Enfuce are Currencycloud’s business partners.
According to businesswire Colleen Ostrowski, Visa’s Global Treasurer said, “Global Treasurer. “Consumers and businesses increasingly expect transparency, speed and simplicity when making or receiving international payments. With our acquisition of Currencycloud, we can support our clients and partners to further reduce the pain points of cross-border payments and develop great user experiences for their customers.”
