Fleetcor buying AFEX

New York-listed Fleetcor Technologies has signed on the dotted line to pick up Associated Foreign Exchange (AFEX), a provider of cross-border payment technology.


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No financial details of the deal, which is subject to the green light from regulators, among other conditions, have been disclosed.

Completion is slated to follow in the first quarter of next year.

The buyer believes the deal will strengthen its corporate payments business line, as well as its position as one of the world’s largest business payments companies.

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

His counterpart at the target, Jan Vlietstra, added: “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.”

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Zephyr, the M&A database published by Bureau van Dijk, shows that Fleetcor’s most recent acquisition closed in October 2019.

That deal saw it pick up Schaumburg, Illinois-based airline lodging services provider Travelliance for an undisclosed consideration.

Prior to that, it took a stake in bill payment and customer invoicing software provider Bill.com, having participated in a USD 88.00 million funding round for the business in April 2019.

Other investors included Franklin Resources, which led the round, in addition to Mastercard, Fidelity Investments Canada and Temasek Capital.

AFEX claims to be one of the world’s largest providers of non-bank cross-border payment solutions.

The company’s customer base numbers in excess of 35,000, while annual volume stands at more than USD 22.00 billion; it processes payments in over 100 currencies.

© Zephus Ltd


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