Fleetcor Technologies, Inc. has entered into the business to business (B2B), cross-border payment market with its acquisition of Cambridge Global Payments.
The global provider of commercial payment solutions finalized the $690 million acquisition of the B2B international payments provider, according to Fleetcor. Cambridge will enable Fleetcor to pay both domestic and international AP payments for the same client in the commercial marketplace.
The initial purchase agreement of Cambridge was previously announced on May 1, 2017.
Cambridge processed $25 billion in B2B cross-border payments in 2016, for more than 13,000 business clients making international payments to suppliers and employees, according to the company. Cambridge’s enables its clients with the ability of making wire, EFT, draft and check payments in over 140 currencies.