Visa Buys SaaS Tech Firm Fraedom

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Visa has acquired software-as-a-service company Fraedom for £142 million ($200 million). The London.-based Fraedom provides expense management solutions for financial service companies. Visa’s acquisition comes after a decade of partnership between the two companies, Visa said in a release.

The acquisition will allow Visa to expand its business product suite for B2B payments, according to Visa’s Friday release. Fraedom CEO Kyle Ferguson will report to Kevin Phalen, the global head of commercial solutions at Visa. Fraedom will operate as a wholly owned subsidiary of the company.

The transaction is expected to close this quarter.

Read more at PYMNTs, Finextra, and BusinessWire.

To learn more about B2B payments and fintech partnerships, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to request an invitation.

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Grace Noto is Associate Editor of Bank Innovation. She has an MA from the University of Essex, as well as BA in English and a BA in Journalism from SUNY New Paltz. Prior to joining Bank Innovation in the summer of 2016, she worked on Electronic Products Magazine, an online publication surrounding technology and computer engineering, and has worked for other publications, including the Poughkeepsie Journal. She also writes in her spare time, and really needs more hobbies.

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