Jul 22, 2021 (Baystreet.ca via COMTEX) -- Visa /zigman2/quotes/203660239/composite V +2.08% said Thursday it has agreed to buy British payments start-up Currencycloud, in its second major fintech acquisition of 2021.
The deal values Currencycloud at �700 million ($962 million U.S.), Visa said. The payments giant led an $80-million investment in Currencycloud at the beginning of 2020. As a result, Visa said the sum it's paying for Currencycloud would be reduced by the outstanding equity it already owns.
Founded in 2007, London-headquartered Currencycloud sells software for banks and fintech firms to process cross-border payments. It's one of many business-focused fintechs that operate behind the scenes powering popular banking and payment apps like Monzo, Starling and Revolut.
The acquisition of Currencycloud marks Visa's second fintech deal this year, according to Crunchbase. The card network company last month agreed to buy Swedish firm Tink for $2.1 billion, after its attempt to acquire Plaid, a U.S. rival, was thwarted by U.S. regulators.
Currencycloud, which has 500 banking and technology clients in more than 180 countries, will continue to operate from its headquarters in London and keep its currency management team.
Currencycloud has raised more than $160 million in total from investors including Google parent company Alphabet's /zigman2/quotes/202490156/composite GOOGL +4.20% venture capital arm GV, French bank BNP Paribas and Japanese financial services firm SBI Holdings.
Shares of Visa acquired 83 cents to $244.49. The stock has risen over 22% in the past year, however, thanks to a boom in digital payments during the coronavirus pandemic.
COMTEX_390241232/2559/2021-07-22T09:57:11
Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.
Add to watchlist
GOOGL
