Business payments company Fleetcor Technologies has acquired payroll card provider SOLE Financial for an undisclosed amount.
Headquartered in Oregon, SOLE Financial offers unbanked workers with instant access to their wages.
The SOLE Visa Payroll Card supports direct deposit participation and eliminates the cost-intensive paper checks.
SOLE Financial acquisition:
Fleetcor will combine SOLE with its existing digital paycard business. The deal is expected to bolster its payroll card portfolio to serve SMB businesses and also expand its overall addressable market.
Fleetcor chairman and CEO Ron Clarke said: “SOLE is a good strategic fit with our existing payroll card business, allowing us to significantly expand our footprint among small-to-medium businesses in addition to the larger enterprises we currently serve.
“In addition, SOLE has built an extensive ‘referral network’ among payroll processors and PEO firms, that we hope to extend.”
Holland & Knight provided legal assistance to Fleetcor on this transaction. On the other hand, Nomura Securities International and Ater Wynne served as SOLE’s financial and legal advisors, respectively.
Headquartered in Georgia, Fleetcor offers technological support to businesses to manage and pay their expenses. The company’s portfolio includes brands to help companies automate, digitise and manage employee and supplier payments.
Its clients are located across North America, Latin America, Europe and Asia Pacific regions.