TreviPay to acquire Baton Financial Services
With the widespread shift towards the digitisation of commercial payments, businesses are now being offered services that the consumer side has long enjoyed such as faster payments, buy-now-pay-later and trade financing.
In such, a recent announcement, US-based non-bank payments company, TreviPay has announced that it will acquire Baton Financial Services which builds B2B invoice payments networks. The former company noted that Baton Financial Services has enabled a network that helps to meet the trade credit needs of small businesses and deliver ‘structured financial services in partnership with financial institutions’. This would allow the company to expand its B2B payments expansion globally and meet the needs of the clients.
This month, Razorpay acquired payments startup Curlec while Banking Circle acquired Biller and also partnered with DiPocket.
The company in the press note said that the acquisition of Baton Financial Services will let it offer ‘credit to their customers without the risk, delay in payments and complexities associated with managing accounts receivable’.
‘As liquidity continues to be a challenge for small businesses, the ability to extend trade credit helps free up cash flow while building customer loyalty and maintaining competitive B2B market share’, it noted further.
“As small businesses emerge from the pandemic, they will need capital to carry them forward. Unfortunately, traditional loans and financing are not readily available,” said Rissi Lovern, Former CEO of Baton, now Chief Risk Officer of TreviPay.
Adding further, “TreviPay’s acquisition of Baton enables us to take our solution directly to small businesses, in addition to financial institutions, to unlock this capital”.
TreviPay is a US-based non-bank payments company that specializes in payment and credit management for B2B companies through its omnichannel payments solution.