London, 29 July 2021 – A year and a half after Currencycloud raised $80 million in a round that included Visa, the London-based developer of APIs that power remittance and currency exchange services is getting even closer to the financial services giant. Visa announced that it would acquire Currencycloud in a deal valued at $963 million (£700 million).
This price is a very decent leap from that last funding round, when sources told us the startup was valued at around $500 million.
(As Visa already has equity in the company, the amount it will actually pay will be reduced by that amount.)
Currencycloud has some 500 customers in 180 countries that use its APIs to power multicurrency wallets, currency exchange services and account management, including some of the biggest startups around, such as Monzo, Moneze, Starling, Revolut and Dwolla. 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, which include financial institutions, fintechs and more, as well as to build new services for consumers, as well.