Visa Acquires Fraedom to Expand Its Global Commercial Offerings
The Combination of Fraedom and Visa’s technology and services to fuel innovation in B2B payments space
Fraedom offers transaction management products and services, including expense management and accounts payable solutions. For over 17 years, the company has been offering its products to financial institutions, payment networks, processors, governments and technology companies worldwide. Fraedom brings to customers mobile-first experiences that make it simple for corporate users to complete critical tasks quickly and intuitively.
“Increasingly, businesses are replacing inefficient paper-based payment systems with digital tools,” said
“We couldn’t be more excited to join the Visa family,” said
The transaction, which is subject to the customary closing conditions, is expected to close in Q1, 2018.
Fraedom works with banks globally to enhance their commercial card programs and give their customers a better way to manage business spend through its easy-to-use spend management system. The platform helps banks to differentiate their service, drive card uptake, increase card spend and improve customer retention.
Fraedom’s solutions also facilitate card management and increased payment efficiency through an advanced invoice payment feature. Its future-proofed technology gives customers complete visibility of their card purchases through card statementing, while providing detailed transaction data reports.
Since its launch in 1999, Fraedom has managed over one billion transactions through its web-based platform, which translates to just under
For more information about Fraedom, visit www.fraedom.com.
This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “will,” "is expected," and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about the likelihood and timing of the closing of the acquisition or the benefits to Visa arising from the completion of the transaction.
By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa’s forward-looking statements due to a variety of factors, including the risk that the transaction may not be consummated; the closing conditions relating to the transaction; and various other factors, including those contained in our Annual Report on Form 10-K for the fiscal year ended
You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future developments or otherwise.
Aida Hadzibegovic, 415-805-4242