WorldFirst is looking to expand its B2B payments position through an acquisition of CurrencyVue, the company said on Monday (March 4).
In a press release, WorldFirst announced it has acquired Australia-based CurrencyVue, a takeover that WorldFirst said will help expand its cross-border trade and payments solution for businesses. CurrencyVue offers a foreign exchange risk management platform that integrates with companies’ existing ERP and accounting systems.
The takeover will see WorldFirst integrate CurrencyVue’s platform into its own offering, linking small business clients to a solution that combines global payments with tools to assess and manage their FX exposures. WorldFirst will continue to support integrations with platforms including Xero, QuickBooks and Netsuite, it said, while augmenting its existing automated global invoice payment and hedging capabilities.
“In bringing together the World Account with CurrencyVue‘s unique platform, not only are we able to deliver something truly differentiated to the market, but with Matt and Matt also joining the business, we have secured access to some of the industry’s leading talent,” said WorldFirst Chief Enterprise Officer Nick Aston in a statement, referencing CurrencyVue CEO Matt Tyrrell, who is joining WorldFirst as its head of accounting and ERP integrations, as well as Chief Technology Officer Matt Done, who is joining WorldFirst as its head of development for accounting integrations.
“This strategic acquisition is another milestone in our journey to create the world’s best platform for international trade and provide our customers with a competitive edge in today’s connected global economy,” Aston added.
WorldFirst itself has been acquired by Ant Financial in a $700 million deal announced last month. The takeover marked the largest for Ant Financial, which is Alibaba’s financial services affiliate, and enables Ant to expand into the U.S. and the U.K.
The deal followed WorldFirst’s rollout of small business multi-currency accounts in China, announced last November via its local brand.