B2B Payments

Warburg Pincus to Buy Electronic Funds Source

An investor group that includes First Data Transportation Services, Inc, CTP Holdings, and FJ Management sold Tennessee-based Electronic Funds Source (EFS) from Warburg Pincus. Electronic Funds Source, a provider of customized corporate payment technology solutions designed specifically to help customers drive efficiencies and improve bottom line performance was sold in a dealt that cost over $1 billion.

“We believe there is a significant opportunity to build on EFS' success and enhance and expand its fleet and corporate payments solutions," said Jim Neary, managing director and member of Warburg Pincus' executive management group. "We look forward to partnering with Scott and the management team as the Company continues its impressive growth trajectory."

Electronic Funds Source is the result of mergers in late 2011 and the fall of 2012 that united TCH LLC, a company founded in 1998 by Flying J, with the transportation business of First Data and the T-Chek Systems unit previously owned by C.H. Robinson Worldwide. The company has cards that are accepted at more than 11,000 locations in North America.

This transaction enables us to move forward as an independent company and focus on a wide variety of opportunities for growth to benefit our customers," said EFS President and CEO Scott Phillips, who joined the company in 2011 after spending almost two decades at Comdata.

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The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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