Visa’s £700 Million Acquisition of Currencycloud

Orrick Herrington & Sutcliffe advised Currencycloud on the deal.

Visa Inc agreed to buy British cross-border payments provider Currencycloud at a valuation of 700 million pounds ($962.01 million).

Visa has been a Currencycloud shareholder since 2020, and the financial consideration will be reduced by the equity that the card network company already owns in the startup, the company said.

Launched in 2012, Currencycloud facilitates cross-border payments for nearly 500 banking and technology companies, including well-known European fintechs Klarna, Monzo, Starling and Revolut. Since its launch it has moved more than $75 billion in payments to over 180 countries.

Currencycloud will maintain its management team and continue to operate from its London headquarters. The transaction is subject to regulatory approvals and other customary closing conditions.

Other Currencycloud backers included BNP Paribas SA, SBI Group, Siam Commercial Bank, Sapphire Ventures, Notion Capital and GV, formerly Google Ventures.

The Orrick London team is led by James Connor (Picture) and includes Ylan Steiner, Elizabeth Monro-Davies, Kirstie Parr, Faraaz Samadi, Douglas Lahnborg, Janine Suttie, Saira Henry and Natasha Ahmed. 

Involved fees earner: Natasha Ahmed – Orrick Herrington & Sutcliffe LLP; James Connor – Orrick Herrington & Sutcliffe LLP; Saira Henry – Orrick Herrington & Sutcliffe LLP; Douglas Lahnborg – Orrick Herrington & Sutcliffe LLP; Kirstie Parr – Orrick Herrington & Sutcliffe LLP; Faraaz Samadi – Orrick Herrington & Sutcliffe LLP; Ylan Steiner – Orrick Herrington & Sutcliffe LLP; Janine Suttie – Orrick Herrington & Sutcliffe LLP;

Law Firms: Orrick Herrington & Sutcliffe LLP;

Clients: Currency cloud Ltd;

Author: Federica Tiefenthaler