Payment solution provider Flywire has purchased PACE Invoice, a UK-based multi-currency invoicing platform provider, for an undisclosed amount.
PACE enables businesses to issue invoices to their global customers that can be paid in ways that are convenient and familiar to them.
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The deal allows Flywire to add international invoicing to its cross-border payments and receivables services. It will also allow its business, education and healthcare customers to easily link invoices to cross-border receivables.
The move follows Flywire’s recent expansion into the cross-border payment market for businesses.
As part of the transaction, PACE Invoice CEO James Shattock will join Flywire to lead the company’s expansion efforts in the UK and Europe.
The acquisition will also see Flywire providing its invoicing capability as an option with its cross-border payments and receivables platform.
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By GlobalDataFlywire CEO Mike Massaro said: “Cross-border invoicing is challenging and by enabling these capabilities within our platform, we will further enhance our already industry-leading cross-border payment solution in the market.
“We’re also very pleased to be able to say that James Shattock and the entire PACE team will join us to capitalize fully on this great opportunity.”
Commenting on the launch, Shattock said: “This is a great move for us – joining a dynamic, fast-growing company like Flywire where our offering is highly complementary and will be quickly integrated into the international payment and receivables platform Flywire has built.
“Our invoicing capability meets an important cross-border business need for their customers and can help accelerate Flywire’s expansion, especially in the B2B market. We’re really excited to be part of that.”
