The Western Union Company this morning announced it has completed the acquisition of Travelex Global Business Payments, making the combined company the world’s leading non-bank provider of cross-border business payments.
The combined business will offer its more than 95,000 business clients – mostly small and medium-sized enterprises – immediate scale and expanded global reach in the estimated $24-billion international SME cross-border business payments market.
“Business-to-business payments are one of Western Union’s three key areas of focus,” said Hikmet Ersek, President and CEO, Western Union.
“With the closing of this acquisition, we have a very strong position in a market that has significant growth potential.”
Western Union plans to integrate Travelex Global Business Payments into the Business Solutions division. The acquisition adds over 1,000 new employees to Western Union, bringing global employment for the Fortune 500 company to over 8,000. The Western Union Business Solutions division will be headquartered in London.
