TreviPay acquires fellow B2B paytech Baton Financial Services
TreviPay, a paytech specialising in payment and credit management for business-to-business (B2B) companies, has acquired a fellow B2B paytech, Baton Financial Services.
Baton was founded in 2017 and is based in New Orleans, Louisiana, US. TreviPay says the start-up “has built a unique, innovative B2B invoice payments network”.
Commenting on the acquisition, Brandon Spear, CEO of TreviPay, says: “Baton’s extensive track record in revolutionising financial services for small businesses made the company a natural, strategic fit for TreviPay.
“By joining forces, TreviPay will grow its trade credit solutions to help expand the selling power and global commerce capabilities of small businesses lacking traditional financing support.”
Rissi Lovern, former CEO and founder of Baton and now chief risk officer of TreviPay, notes that whilst small businesses need capital to help them recover from the pandemic, traditional loans and financing are not readily available for them.
“A business’ best source of capital is often hidden in its balance sheet, in accounts receivable. TreviPay’s acquisition of Baton enables us to take our solution directly to small businesses, in addition to financial institutions, to unlock this capital,” Lovern explains.
The announcement follows on the heels of TreviPay’s appointment of chief revenue officer, Jeff Coppolo.
Based in Kansas, US, TreviPay facilitates $6 billion in transactions per year in 18 currencies for customers in more than 27 countries.
Whilst TreviPay is a new brand in the market – it was introduced last year – the company has a 40+ year history. It was known as MSTS until its acquisition by private equity firm Corsair Capital from World Fuel Services Corporation in autumn 2020.
It was rebranded as TreviPay in March 2021. “Starting the next chapter of our company, we determined the MSTS name didn’t describe what we do or give justice to the services we provide to our clients to help their business grow,” Spear commented at the time.