Visa to buy out SaaS payments firm
(13 February 2018 – United Kingdom) Visa has agreed to acquire Fraedom, a software-as-a-service (SaaS) technology firm that provides payments and transaction management tools to banks and their corporate customers for £142 million.
Vicky Bindra, global head, products and solutions, Visa, says: "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."
According to a statement from the credit card giant, Fraedom has been a Visa partner for nearly ten years, and its technology underlies Visa IntelliLink Spend Management, a core platform for the card giant's commercial and small-business clients.
Visa said the deal will strengthen and expand its business suite of tools to meet the needs of the B2B payments industry.
According to the London-based firm, since its launch in 1999, it has managed over one billion transactions through its web-based platform, with its technology used by over 173,000 organisations.
The move comes as Fraedom's current owner, business travel company Hogg Robinson, agreed a deal to be acquired by American Express Global Business Travel for nearly £400 million.