Optal has agreed to acquire Invapay, an innovative payments firm, in a move to significantly expand its capabilities in the global corporate payments sector.
Invapay enables corporate buyers to use credit cards to pay suppliers who historically have not accepted card payments.
Invapay’s technology platform seamlessly integrates with the buyer’s existing enterprise resource planning systems (ERP) through a simple plug and play payment API. Once integrated, the solution delivers a secure, data rich automated payment solution, with suppliers paid via EFT, eliminating the need to sign up to a merchant facility to receive payments by credit card.
The Invapay solution enables corporate buyers to obtain the extended payment terms of traditional card payments, while effecting automated, secure and efficient payments to non-card accepting suppliers, in any location across the world in any currency.
Sid Vasili, the founder and CEO of Invapay and his experienced team will remain with the Invapay business post acquisition, to continue its exciting growth. The acquisition is subject to FCA approval in the UK.
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.”
“We’re delighted that the Invapay team are joining us to continue our remarkable growth.”
Invapay CEO Sid Vasili said: “The Invapay and Optal businesses are a great fit. This transaction will ensure that the Invapay business has the resources and capabilities to meet our global growth aspirations. People talk about ‘procure to pay’ but no one really manages the ‘pay’ part very effectively.
“The team at Optal share our vision for solving that problem.”