TreviPay, a global B2B payments and invoicing network, has agreed to acquire Apruve. Apruve provides accounts receivable automation and B2B financing services. TreviPay did not disclose what it will pay for Apruve.
“The acquisition of Apruve will accelerate our advancement in the technology manufacturing vertical and expand our geographic reach into key Asian markets,” says Brandon Spear, CEO of TreviPay. “In Apruve, we have found a team that approaches the market in a like-minded way and shares our vision of simplifying the way B2B suppliers get paid.”
Spear adds that, by combining, the two companies will be better positioned to help more businesses digitize their payments and invoicing systems.
“Following a global digital transformation trend that was accelerated by the pandemic, B2B industries are focusing attention on how money flows in the B2B ecosystem,” he says. “We are helping B2B merchants in manufacturing and many other industries to digitize the more complex payments and invoicing processes for their business buyers.”
Minneapolis-based Apruve develops trade credit automation programs for global enterprises. It also combines account-receivable automation with guaranteed next-day financing on open invoices. Apruve CEO Michael Noble and all Apruve personnel will remain under TreviPay’s ownership, the two companies said.
The acquisition follows TreviPay’s purchase in February 2022 of Baton Financial Services Inc. Baton is a B2B payments network catering to small business suppliers. TreviPay has said it want to expand B2B payment and finance services for companies of all sizes.
TreviPay is based in Overland Park, Kansas. It serves 90,000 buyers and 80,000 seller locations. It also processes $7 billion in transaction volume across 32 countries and 19 currencies, the company says.
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