Payment services firm Visa agreed yesterday to acquire one of its portfolio companies, UK-based cross-border payment software provider Currencycloud, at a valuation of £700m ($963m).
Founded in 2012, Currencycloud provides a cloud-based software platform which enables banks and financial services providers to offer currency exchange, real-time notifications on foreign exchange transactions, multi-currency wallets and virtual account management.
The platform supports nearly 500 banking and technology clients and has processed more than $100bn across 180 countries to date, the company said. It will continue to operate from its headquarters in London and will retain its current management team after the transaction closes.
Visa had invested in an $80m series E round for Currencycloud in January 2020 that included GV, a corporate venturing subsidiary of internet and technology group Alphabet, as well as financial services firms BNP Paribas, SBI Group and Siam Commercial Bank, International Finance Corporation, Sapphire Ventures, Notion Capital, Accomplice and Anthemis.
GV, Sapphire Ventures, Notion Capital and Anthemis had joined e-commerce firm Rakuten’s FinTech Fund to provide $25m in series D funding for the company in 2017.
Currencycloud had previously raised $18m in a 2015 series C round led by Sapphire Ventures and backed by Rakuten FinTech Fund, Xange Private Equity, Anthemis, Notion Capital and Atlas Venture. It has raised $141m altogether.