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Visa Inc. said Thursday that it has agreed to acquire Currencycloud, a London-based provider of technology for cross-border payments, in a deal valuing the target at 700 million pounds ($960.1 million).

Currencycloud's platform allows banks and financial-services providers to offer currency-exchange services. Visa participated in an $80 million funding round for the company last year.

"With our acquisition of Currencycloud, we can support our clients and partners to further reduce the pain points of cross-border payments and develop great user experiences for their customers," said Colleen Ostrowski, Visa's Global Treasurer.

Currencycloud will continue to be based in London and maintain its current management team, the companies said. The deal is subject to regulatory approval.