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13th February 2018
Visa acquires Fraedom to expand its global commercial offerings
Visa Inc has agreed to acquire Fraedom, a Software-as-a-Service technology company providing payments and transaction management solutions for financial institutions and their corporate customers. Fraedom has been a Visa partner for nearly ten years, and its technology underlies Visa IntelliLink Spend Management, a core platform for Visa’s commercial and small-business clients.
Fraedom offers transaction management products and services, including expense management and accounts payable solutions. For over 17 years, the company has been offering its products to financial institutions, payment networks, processors, governments and technology companies worldwide. Fraedom brings to customers mobile-first experiences that make it simple for corporate users to complete critical tasks quickly and intuitively.
Vicky Bindra, global head of products and solutions, Visa Inc, said: “Increasingly, businesses are replacing inefficient paper-based payment systems with digital tools. This strategic acquisition allows Visa to offer a more comprehensive business solution to our corporate clients that is innovative, global, highly configurable and intuitive for their employees.”
“We couldn’t be more excited to join the Visa family,” said Kyle Ferguson, CEO, Fraedom. “The combination of Visa’s leadership, reach and deep knowledge of digital payments, coupled with our expertise in the B2B market for our growing customer base, will allow us to better service businesses around the world with fast, secure and robust commercial payments solutions.”
The transaction, which is subject to the customary closing conditions, is expected to close in Q1, 2018.