Last week it was announced that VISA plans to acquire
Earthport, a cross-border Automated Clearing House for payments. The story garnered interest from the crypto world because Earthport has been a Ripple partner since 2015. One of the first high profile banks to use Ripple was Santander UK, and its first app was powered by Earthport using Ripple technology. Earthport also designed a hub to integrate with other DLT payment platforms.
VISA is paying £198 million ($251m) for the UK listed startup. In the year to 30 June 2018 Earthport earned revenues of £31.9 million ($40.5m) and made a loss of £8.4 million ($10.7m). Apart from Ripple, the company has numerous high profile clients including Bank of America Merrill Lynch, TransferWise, BNP Paribas and Xoom.
However, the company suffered some challenges and stated in it’s June 2018 results that “revenue was under pressure due to the loss of a major strategic payment customer and material delays occurred in the implementation process for another strategic partner.” Back in 2015 both Western Union and HSBC were listed as customers but don’t currently appear on their list of clients.
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