US FinTech TreviPay has acquired Baton Financial Services.
Baton, founded in 2017 in New Orleans, provides a B2B invoice payments network aimed at the small businesses.
Based in Kansas, TreviPay offers a variety of trade credit, billing, and payment solutions and claims to process $6 billion in transactions per year in 18 currencies.
“Baton’s extensive track record in revolutionising financial services for small businesses made the company a natural, strategic fit for TreviPay,” said Brandon Spear, chief executive at TreviPay. “By joining forces, TreviPay will grow its trade credit solutions to help expand the selling power and global commerce capabilities of small businesses lacking traditional financing support.”
Rissi Lovern, former chief executive of Baton, now chief risk officer at TreviPay, said: “As small businesses emerge from the pandemic, they will need capital to carry them forward. Unfortunately, traditional loans and financing are not readily available. A business’s best source of capital is often hidden in its balance sheet, in accounts receivable.
“TreviPay’s acquisition of Baton enables us to take our solution directly to small businesses, in addition to financial institutions, to unlock this capital.”
She added: “Together, we will be able to provide a trade credit solution to support this underserved market.”
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