In a move that extends payroll card portfolios to serve small and medium-sized businesses (SMBs), global business payments company FLEETCOR Technologies, Inc. has acquired payroll card provider SOLE Financial. The move is said to bring SOLE together with FLEETCOR’s existing digital paycard business and grow the company’s overall addressable market, according to an announcement.
FLEETCOR Chairman and Chief Executive Officer Ron Clarke said in the announcement, “SOLE is a good strategic fit with our existing payroll card business, allowing us to significantly expand our footprint among small to medium businesses, in addition to the larger enterprises we currently serve. In addition, SOLE has built an extensive ‘referral network’ among payroll processors and PEO firms, that we hope to extend.”
The announcement also noted that Holland & Knight LLP served as legal advisor to FLEETCOR. Nomura Securities International, Inc. served as financial advisor and Ater Wynne LLP served as legal advisor to SOLE.
SOLE Financial CEO Rick Holt said in the announcement, “Joining FLEETCOR presents an exciting opportunity for SOLE Financial clients and partners to benefit from their resources and industry leadership position. I’m confident FLEETCOR’s long-term vision will provide tremendous value to organizations and their employees.”
FLEETCOR Technologies, a global business payments company, aims to simplify the way businesses pay and manage their expenses. Its portfolio of brands helps companies automate, digitize, secure and control payments to, or on behalf of, their workers and suppliers. FLEETCOR serves businesses, partners and merchants in North America, Asia Pacific, Europe and Latin America.
SOLE Financial aims to advance financial inclusion by giving unbanked workers affordable as well as instant access to pay, while also helping businesses go paperless. The company’s SOLE Visa® Payroll Card removes the logistical and expensive burden of paper checks, while bridging the gap for clients striving to reach 100 percent direct deposit participation.