Visa acquires Currencycloud to expand cross-border payment market

It is learned that according to foreign media reports, Visa recently acquired the cross-border payment startup Currencycloud, further expanding the cross-border payment market.

It is reported that in the second fiscal quarter of 2021 (ending March 31, 2021), Visa's cross-border transaction volume fell 11% year-on-year. Although this was lower than the 9% year-on-year growth achieved by Visa in the first fiscal quarter of 2020 (ending December 31, 2019), transaction volume is now recovering.

With this acquisition, Visa will open up new payment opportunities for remittances, B2B payments, and build its non-card business, reigniting its momentum to expand cross-border transactions. In addition, Currencycloud can leverage Visa's vast partner network to expand its customer base and become a leader in cross-border payments.

It is learned that the acquisition of Currencycloud is Visa's second major financial technology acquisition this year, which shows Visa's ambition to expand the cross-border payment market.

Editor ✎ Nicole/

Disclaimer: This article is copyrighted and may not be reproduced without permission.