Convera completes purchase of Western Union Business Solutions
By Gloria Methri
Non-bank B2B FinTech Convera has completed its acquisition of Western Union Business Solutions (WUBS). WUBS was acquired in 2021 by private equity firms Goldfinch Partners and The Baupost Group for $910 million and rebranded as Convera, a new standalone payments operation.
Convera leverages industry expertise and technology-led payment solutions to provide smarter money movements to its +30,000 customers globally. Reporting over half a billion in annual revenue, the FinTech continues to deliver record results.
With this final close, the company will focus on its planned investments to transform cross-border payments in the years to come.
Convera’s customers range from small business owners and enterprise treasurers to educational institutions, financial institutions, law firms, and NGOs. Running on AWS cloud infrastructure, Convera provides a diverse set of offerings from simple currency exchanges to sophisticated hedging solutions.
Convera CEO, Patrick Gauthier said, “We are delighted to formally complete this transition and incorporate all our European business into Convera. The past two years have seen the company transform substantially, building on the legacy of Western Union Business Solutions while positioning the company for growth in the digital age. We look forward to continuing this transformation, through innovation and new partnerships with our customers globally.”
Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisors to Goldfinch Partners LLC and The Baupost Group, LLC throughout this transaction.
Convera is a global B2B payments company, providing payments services and foreign exchange products to companies of all sizes. With expertise in managing foreign exchange and moving funds around the globe, it offers access to over 140 currencies and a financial network spanning more than 200 countries and territories.
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