Optal, a B2B payment solutions provider and virtual card specialist, will acquire innovative payments company Invapay for an undisclosed sum.
The takeover will expand Optal's capabilities in the corporate payments space globally.
Invapay allows corporate buyers to use credit cards to pay suppliers who historically have not accepted card payments. It also allows corporate buyers to secure the extended payment terms of traditional card payments.
Invapay's technology solution integrates with the buyer's existing enterprise resource planning systems (ERP) through a simple plug and play payment API.
Upon integration, the solution provides a secure, data rich automated payment solution, with suppliers paid through EFT, eliminating the need to sign up to a merchant facility to receive payments by credit card.
After completion of the acquisition, which is subject to FCA approval in the UK, Invapay founder and CEO Sid Vasili and his experienced team will remain with the Invapay business to continue its growth.
Optal CEO Rob Bishop said: “The acquisition of Invapay enables Optal to deliver a one-stop-shop for corporate B2B payables needs.
"Combined with our existing highly successful virtual payment solutions including virtual account numbers or VANs, Invapay completes our product offering, enabling us to offer genuine 'pay anyone, anywhere' capabilities.
"Solving payment acceptance issues and optimising working capital for customers is crucial for successful payments solutions in the procurement industry and Invapay are the leaders in this space."
Optal provides MasterCard branded payment products and focuses on developing and bringing to market game-changing payment solutions.