Visa said Friday that it has acquired Fraedom, which provides — via software as a service — expense management solutions for financial institutions and business.
The two firms have been in partnership for nearly a decade, Visa said in a release.
Fraedom’s technology underpins the Visa IntelliLink Spend management platform that is focused on the payments giant’s commercial and small business clients.
Financial terms were not disclosed, and the deal is slated to close during the current quarter.
Visa said that the acquisition will “strengthen and expand Visa’s business suite of solutions to meet the rapidly evolving needs” of the B2B payments industry.