Move adds comprehensive virtual card issuance capabilities to leading global payments platform, and sets foundation for further geographic expansion
Nium, a leading global B2B payments platform, today announced that it has signed a definitive agreement to acquire Ixaris, a leader in travel payments optimisation. The transaction is expected to close early in the third quarter of 2021, subject to customary closing conditions.
Ixaris provides flexible funding and payment methods that help airlines and online travel agents (OTAs) in the £230 billion travel sector reduce surcharges, earn rebates, flatten FX fees, and streamline reconciliation. As one of the industry’s leaders, Ixaris issued more than 10 million virtual cards in 2019. Since inception, it has processed 24 million transactions for 200+ customers in 40+ countries for a total payment volume of £5 billion. Ixaris is best known for transforming the travel payments industry with the introduction of Europe’s first virtual prepaid card in 2003. All of Ixaris’ 86 employees based in London and Malta will join the Nium family.
“Airlines and OTAs are actively transforming their technologies and processes in anticipation of a surge in global travel happening this year,” said Prajit Nanu, co-founder and CEO, Nium. “The travel industry has long been dependent on slow-moving, monolithic payment platforms. Our acquisition will serve to replace these incumbents with a modern solution that combines Ixaris’ leading virtual card capability with Nium’s advanced pay-in, pay-out and embedded foreign exchange capabilities. We welcome the Ixaris team to the Nium family and together we look forward to helping the travel sector bounce back across the globe.”
Today’s acquisition will further enable Nium to execute on its vision to provide one API integration to access the world’s payments infrastructure. Through the Nium platform, customers in a variety of sectors can quickly deploy new financial services from card issuance to cross-border payments. With licences in over 40 markets and integrations in as little as four weeks, Nium provides the speed and scale for customers to unlock new revenue opportunities and improve cash flow economics throughout the global economy.
Mark Anthony Spiteri, CEO, Ixaris Group, added, “As part of the Nium family, we can offer the broadest portfolio of virtual card offerings to travel businesses across the globe. All aspects of our company, from our technologies to our people, perfectly complement Nium and we look forward to increasing our geographic footprint to new regions, including the United States.”
Financial Technology Partners (FT Partners) served as exclusive strategic and financial advisor to Nium on its acquisition of Ixaris.