Singapore fintech Nium acquires B2B travel payments firm Ixaris
Global B2B payments platform Nium has agreed a deal to acquire Ixaris, a travel payments optimisation firm.
The transaction is expected to close early in the third quarter of 2021, subject to customary closing conditions.
Ixaris launched Europe’s first virtual prepaid card in 2003
UK-based Ixaris provides flexible funding and payment methods that help airlines and online travel agents (OTAs) in the travel sector reduce surcharges, earn rebates, flatten FX fees and streamline reconciliation.
The firm launched Europe’s first virtual prepaid card in 2003 and issued more than 10 million virtual cards in 2019.
Mark Anthony Spiteri, CEO of Ixaris Group, says: “As part of the Nium family, we can offer the broadest portfolio of virtual card offerings to travel businesses across the globe.
“All aspects of our company, from our technologies to our people, perfectly complement Nium and we look forward to increasing our geographic footprint to new regions, including the United States.”
Nium’s platform allows banks, payment providers, travel companies and other businesses to collect and disburse funds in local currencies to over 100 countries.
The company hopes this acquisition will further boost its ability to allow customers to quickly deploy new financial services from card issuance to cross-border payments.
“Airlines and OTAs are actively transforming their technologies and processes in anticipation of a surge in global travel happening this year,” adds Nium co-founder and CEO Prajit Nanu.
“The travel industry has long been dependent on slow-moving, monolithic payment platforms. Our acquisition will serve to replace these incumbents with a modern solution that combines Ixaris’ leading virtual card capability with Nium’s advanced pay-in, pay-out and embedded foreign exchange capabilities.”
