FleetCor to buy Nvoicepay to digitize global corporate payments
Fuel-card giant FleetCor has been working to diversify its payments operations by expanding corporate payments services, and now it’s buying Nvoicepay to speed up the process.
FleetCor, based in Peachtree Corners, Ga., will acquire Nvoicepay so that it can work alongside its Comdata and Cambridge units to offer a comprehensive domestic and international accounts-payable solution for global corporations, FleetCor announced on Tuesday. The deal is expected to close in the second quarter; the companies did not disclose the purchase price.
Nvoicepay, based in Portland, Ore., provides software to automate accounts payable, and with its technology FleetCor’s solution will be able to capture a company’s entire AP file and disburse funds in any format, from traditional checks to ACH, wire and digital rails, said Kurt Adams, FleetCor’s group president of corporate payments, in an interview.
“FleetCor so far has focused on card payments on traditional card payment rails, and we acquired Cambridge for cross-border payments — but now we will have a fully integrated platform to cover domestic and cross-border payments through all modes,” Adams said.
Nvoicepay, which has about 120 employees and was recently featured in PaymentsSource as one of the Best Fintechs to Work For, has complementary operations to FleetCor’s existing business and will continue to operate in its present form as a FleetCor division, Adams said.
“We’ll look at ways to scale the business with capabilities we already have, and we’ll continue to invest in Nvoicepay,” he said.
While Nvoicepay has focused so far on enterprises, FleetCor will also aim to target middle-market companies and growth markets in key verticals including construction, Adams said.
Nvoicepay’s strength in new technology is a key reason FleetCor decided to buy the company instead of simply form a partnership, he said.
“Corporate payments is a massive market, and growth is coming not from shifting market share but from expansion within,” Adams said.
“Nvoicepay’s business-to-business payment platform allows our customers to pay 100 percent of their supplier invoices electronically and we are excited to bring this solution into the broader FleetCor family,” said Karla Friede, Nvoicepay’s co-founder and CEO, in a Tuesday press release.