FLEETCOR to acquire AFEX, a cross-border payment solutions provider

By Pavithra R

FLEETCOR, a leading global business payments company has announced that the company has signed a definitive agreement to acquire Associated Foreign Exchange (AFEX), a cross-border payment solutions provider. The transaction is expected to close in the first quarter of 2021, subject to regulatory approval and standard closing conditions.

Through the acquisition, FLEETCOR aims to build upon its corporate payments line of business and bolster its position as one of the largest business payments companies in the world. Both companies offer ERP integrated cross border payment and risk management solutions to businesses.

“AFEX is a terrific business, with revenues growing double digits over the last 3 years. Its large European and Asia Pacific client base complements our existing Cambridge cross-border business, which is more North America focused,” said Ron Clarke, Chairman and CEO of FLEETCOR.

Established since 1979, AFEX is a trusted global payment and risk management solutions specialist. The firm delivers simple and seamless cross border payment solutions that help small-and-medium-sized businesses (SMBs) break down currency barriers to grow internationally. It focuses on providing international accounts payables products for businesses typically underserved by banks.

AFEX is among the world’s largest non-bank cross-border payment solution providers, processing global payments in more than 100 currencies and has more than 35,000 customers and over $22 bn in annual volume.

“FLEETCOR’s broad corporate payments portfolio and S&P 500 profile will help us better serve clients in creating unique solutions for their FX needs,” said Jan Vlietstra, CEO of AFEX.

Founded in 2000, FLEETCOR offers customers specialized payment solutions for a better way to pay their business expenses compared to traditional payment methods such as cash, checks, or general-purpose credit cards. According to company data, the firm has $2.6 bn in annual revenue and performs 2 bn transactions per year.