Visa buys payments firm Fraedom
Fraedom has been a Visa partner for nearly ten years, and its technology underlies Visa’s IntelliLink Spend Management, a core platform for its commercial and small-business clients.
Fraedom’s products and services include expense management and accounts payable solutions. For over 17 years, it has been offering its products to financial institutions, payment networks, processors, governments and technology companies.
Vicky Bindra, global head of products and solutions, Visa, says the acquisition allows it to offer a “more comprehensive business solution” to its corporate clients.
The transaction, which is subject to the customary closing conditions, is expected to close in Q1 2018.
Since its launch in 1999, Fraedom says it has managed over one billion transactions through its web-based platform, which translates to just under $270 billion in transactions to date.
Its technology has been used by over 173,000 organisations. It has offices in the UK, US, Canada, Australia, New Zealand, Singapore and Hong Kong and manages transactions for a total of 5.7 million employees worldwide.