Benzinga | Jul 22, 2021 12:26PM EDT

Visa To Acquire Forex Platform Currencycloud For 700M Cash

* Visa Inc (NYSE:V) agreed to acquire Currencycloud, a global platform that enables banks and fintech to provide innovative foreign exchange solutions for cross-border payments.

* The acquisition builds on an existing partnership between the two companies and values Currencycloud at ?700 million, including cash and retention incentives.

* Currencycloud will strengthen Visa's existing foreign exchange abilities.

* Currencycloud will accelerate the time-to-market and improve payment transparency for clients.

* Currencycloud will continue its operations from London headquarters and retain its current management team.

* Visa held $18.7 billion in cash and equivalents as of Mar. 31.

* Price action: V shares traded higher by 0.10% at $243.91 on the last check Thursday.