WEX, Supply Chain Tech Financier Octet Pair On Virtual Cards

FinTech provider WEX announced it has partnered with Sydney-based supply chain technology provider and financier Octet.

Octet allows Australian SMBs to manage and pay local and international suppliers. The partnership will enable Octet’s customers to use WEX’s virtual credit cards to pay their suppliers.

“The partnership will arm local businesses with more power to trade locally and internationally. Octet and WEX will be looking to further facilitate seamless, efficient and secure supply chain payments,” Clive Isenberg, CEO of Octet said in a press release.

The benefits of using WEX’s payments solutions for Octet’s customers include improved cash flows, zero currency conversion fee for cross-border transactions and the ability to pay domestic and overseas suppliers in their preferred currency.

“At WEX, we’re continuously developing improved accounts payable solutions that create better products and services for customers. Octet is a leading innovator in the supply chain platform space, and partnering with them demonstrates WEX’s growth strategy and intent to be at the forefront of commercial payments,” Justin Cross, director of business development and partnerships, EMEA & APAC for WEX Corporate Payments, said.

The news comes just one week after WEX announced plans to acquire the fuel card assets of EG Group, Go Fuel Card.

The unit, based in the Netherlands, will broaden WEX’s fleet payments operations across Europe. Go Fuel Card has a presence in the Netherlands, France, Belgium and Luxembourg, servicing smaller businesses and large enterprises. WEX did not reveal financial details of the deal, but said it plans to close the acquisition in the second quarter of 2019.

M&A is a key component of WEX’s growth strategy. Earlier this year, the company completed its acquisition of corporate bill payment firm Noventis after announcing a deal in October that enabled WEX to provide virtual cards for corporate bill payments. The company also recently acquired Discovery Benefits, Inc.