As part of its ongoing strategy to make B2B payments faster and more efficient for its customers and expand its reach in the technology manufacturing vertical, as well as geographically across Asia, TreviPay, has reached an agreement to acquire B2B payment platform Apruve. Terms of the deal were not disclosed.
TreviPay plans to leverage Apruve’s suite of payments technology to complement its own order-to-cash technology stack and enable the company to better meet the trade credit needs of the manufacturing industry, according to TreviPay CEO Brandon Spear. All Apruve personnel will be retained and Apruve clients can expect uninterrupted service from the same teams, TreviPay says.
Order-to-cash refers to all the activities around a B2B transaction that relate to making a sale and realizing the revenues from it, including receiving an order, processing it, and getting paid.
“As the only B2B solution designed for suppliers and merchants, the TreviPay Payments and Invoicing Networks are fully managed including a payment method built specifically for B2B, localized B2B invoicing engineered for global expansion, trade credit with 30-, 45-, 60- or 90-day net terms, managed receivables and fraud and risk management, “Spears says. “This is particularly important in B2B as business customers expect to purchase on-terms and will spend more frequently when they have a dedicated financial relationship and credit line with a business.”
Another factor in making the acquisition are the synergies between the two companies. “In Apruve, we have found a team that approaches the market in a likeminded way and shares our vision of simplifying the way B2B suppliers get paid,” Spear says.
Spurred by demand from global enterprise buyers and sellers, TreviPay has posted 30% organic growth so far in 2022. The company has 90,000 buyers and 80,000 seller locations globally.
The acquisition of Apruve builds on TreviPay’s purchase earlier this year of Baton Financial Services, which a operates B2B invoice payments network. “As TreviPay’s objective is to meet the needs of businesses of all sizes, joining with Baton and launching our Small Business Supplier Network has enabled TreviPay to service smaller buyers—an essential sector of the economy that is too often underserved,” says Spear. “After creating networks of buyers for major brands around the globe for more than 40 years, the subsequent acquisition of Apruve will now accelerate TreviPay’s objective through advancement in the technology manufacturing vertical and expand and geographic reach into key Asian markets.”