London-based remittance and currency exchange services API developer, Currencycloud raised $80 million earlier this year of which Visa is also a part. Now the news is Visa acquired CurrencyCloud in a deal valued at $963 million.
CurrencyCloud APIs to power multi-currency wallets across 180 countries that use its currency exchange services, and account management. Which including some of the biggest startups such as Monzo, Moneze, Starling, Revolut, Dwolla and more. These will continue, and on top of that Visa will use the startup’s technology to bolster its own currency exchange rails to provide a wider set of services to its own customers.
Remittance and currency transfers to be big businesses in the world of financial services and the opportunity is enormous. Visa’s acquisition will boost up its revenue and possibilities more because of the e-commerce boom especially in the past 18 months, and so have supply chains.
Visa notes that some 43% of all small businesses globally carried out some form of international trade in 2020.) And with the rise of cloud-based, mobile services to facilitate transactions, consumers are ever more globalized in their outlooks, too.