According to the press release, by acquiring AFEX, FLEETCOR will build upon its corporate payments line of business and strengthen its position in the industry. The transaction is expected to close in the first quarter of 2021, subject to regulatory approval and standard closing conditions.
AFEX delivers cross-border payment solutions that help SMBs break down currency barriers to grow internationally. The company focuses on providing international accounts payables products for businesses typically underserved by banks. With more than 35,000 customers and over USD 22 billion in annual volume, AFEX is one of the world’s largest non-bank cross-border payment solution providers, processing global payments in more than 100 currencies.
FLEETCOR simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitise, and control payments on behalf of their employees and suppliers. Both companies offer ERP integrated cross-border payment and risk management solutions to businesses.
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