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Online Payments

Visa to buy UK-based Earthport for USD 250.6 mln

Friday 28 December 2018 | 01:21 PM CET

Visa has revealed plans of paying USD 250.6 million to buy Earthport, a UK-based company that facilitates international transactions for banks and businesses.

Visa International Service Association, a unit of Visa, has offered GBP 0.3 for each Earthport share.

Earthport offers an alternative to traditional payments systems by allowing banks and money transfer companies to have a single relationship instead of multiple ties with various payments channels around the world.

For Visa, cross-border payments, or transactions that involve parties in two or more countries, represent a growing business. The volume of such payments rose 10% in the 2018 fiscal year, according to Visa in October 2018.

Earthport, which counts Bank of America Merrill Lynch and Japan Post Bank among its clients, said Visa's offer was a revised proposal that followed an indicative offer from the US-based company in November 2018.

More: Link
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