- More than 7,000 jobs to go as Deutsche Bank finalises its equities business review
- Overdraft fees still worse than a payday loan, warns Which?
- Bank of America issues fourth and largest corporate green bond
- Banks more concerned with technology-driven trends than regulation, says report
- Price of flats climbs £1,250 a month, says Halifax
- Mastercard launches Accelerate to continue helping Fintechs
- Customer’s right to be forgotten under GDPR an opportunity for banks, says Optimove expired
- Ulster Bank supports Balmoral Show in its 150th year expired
- Cambridge & Counties secures ENABLE Guarantee from British Business Bank expired
- Barclays appoints new research role expired
- Latest jobs data show finance sector remains strong expired
- KeyBank "Outstanding" rating from OCC on community reinvestment act exam expired
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.