Today In B2B: FLEETCOR’s $1B M&A Plans; Statrys Lands Funding For SMB FinTech

Today in B2B Payments, commercial payments technology firm FLEETCOR reveals $1 billion plans for M&A activity. Plus, Hong Kong’s Statrys raises funding for its SMB FinTech, Repay Holdings inalizes its CPS Payment Services takeover, and AlfaBank joins blockchain trade finance network Contour.

FLEETCOR Looks To Invest $1B Despite Pandemic M&A Slowdown

FLEETCOR is looking to invest $1 billion this year, despite an M&A slowdown in the payments sector due to the ongoing pandemic. In a recent interview with Barron’s, FLEETCOR EVP of Corporate Development and Strategy Steve Greene said the company is always on the hunt for deals, but noted merger activity has slowed significantly since March. In particular, FLEETCOR is looking for companies to strengthen its position in the fuel, tolls, lodging, and payables spaces, and for companies operating in new regions. Greene said the merger slowdown is due largely to potential sellers being unable to convince buyers to pay “top dollar” during the ongoing pandemic recession.

Hong Kong Digital Payment Platform Statrys Lands $5M

Hong Kong-based digital payment platform Statrys has landed $5 million in funding through a closed-door funding deal with an angel investor with the expectation that the firm will get market share in the expanding remittance and digital payment arena, according to an announcement. “This new financing will help us to accelerate the development of the company both in terms of products, with the addition of local currency accounts, payment card, integration with accounting software, and geographically, as we will target new markets in South-East Asia,” Statrys Founder and CEO Bertrand Theaud said in the announcement.

Repay Holdings Seals Deal For CPS Payment Services

Repay Holdings said on Tuesday (Nov. 3) that it has completed its multimillion-dollar acquisition of CPS Payment Services, a B2B payments and accounts payable (AP) automation technology provider. Atlanta-based Repay said it had paid $78 million at the closing of the deal, with another $15 million in payments contingent on how CPS performs during various periods through the end of 2022, potentially pushing the final cost to $93 million. Repay CEO John Morris noted that the deal will strengthen the firm’s offerings while also helping the FinTech and payment processing solutions provider push into new sectors. Repay’s offerings include credit and debt, as well as automated clearing house processing and instant funding.

Alfa-Bank Signs On To Contour International Trade Finance Network

Russian financial institution (FI) Alfa-Bank has become a part of the Contour global network of trade finance. Contour lets bank clients follow the handling and revisioning of a trade finance transaction live with the help of blockchain, according to a Tuesday (Nov. 3) announcement. The issuance of a letter of credit (LC) involves significant amounts of documentation and takes as long as a week. Contour’s network, however, cuts the processing time of LC issuance by as much as 90 percent — to one full day from 10 days, according to the announcement. “Alfa Bank marks yet another step forward for Contour, being the first Russia-based bank on our network. Their involvement will continue to build an inclusive network that will improve trade across the globe,” Contour CEO Carl Wegner said in the announcement.