The world’s leading payment processing firm, Visa, has completed the acquisition of Ripple partner CurrencyCloud in a whopping deal worth $925 million.
CurrencyCloud is a global platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments.
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.
According to a press release on 20th December, the acquisition will empower Visa and CurrencyCloud clients and partners to provide enhanced transparency, flexibility, and control for customers and businesses when initiating international payments.
The report added that the existing partnership between the two payment networks is the foundation of the latest acquisition.
It’s worthy of note that CurrencyCloud sealed a partnership with Ripple, the San Francisco-based cross-border payments firm, back in 2020. The partnership is focused on processing cross-border payments on RippleNet.
Currencycloud also confirmed the notable acquisition in a tweet a couple of hours ago.
CurrencyCloud tweeted, “Exciting times ahead for Currencycloud as Visa announce the completion of the acquisition. We look forward to working together to bring greater transparency, flexibility and control for businesses moving money around the world!”
Exciting times ahead for Currencycloud as @Visa announce the completion of the acquisition.
We look forward to working together to bring greater transparency, flexibility and control for businesses moving money around the world! pic.twitter.com/R5BCYjgGHg
— Currencycloud (@Currencycloud) December 22, 2021
Visa is one of the world’s largest digital payments companies. It aims to connect the world through the most innovative, reliable, and secure payment network.
VisaNet, the processing network of the firm, provides secure and reliable payments around the world and has the capability of handling over 65,000 transaction messages per second.
As the world transitions from analog to digital, the payments processing firm is applying its brand, people, network, and scale to reshape the future of commerce.