Convera concludes the acquisition of Western Union Business Solutions

Convera, a nonbank B2B fintech company, has indicated the completion of its acquisition of Western Union Business Solutions (WUBS). The $910 million acquisition was initiated in 2021. The transition will allow Convera to focus on its investments as well as its strategic plan to transform the broader cross-border payments space.

WUBS’ acquisition

In 2021, Goldfinch Partners, LLC and the Baupost Group acquired WUBS before deciding to rebrand the company to Convera. Subsequently, the closing process was subject to regulatory approvals, trade union consultations, and conventional closing conditions.

Fast forward to March 2022 and the involved parties announced that they had hit a key milestone in the form of the initial closing of the acquisition. The second closing, which has finally been achieved, was subject to the receiving of regulatory approvals and licenses.

In a press release on Monday, Convera announced the completion of its acquisition of its European business. The company’s EO, Patrick Gauthier stated, “The past two years have seen Convera transform substantially, building on the legacy of Western Union Business Solutions while positioning the company for growth in the digital age”.

Convera is a global non-bank B2B payments firm that offers services to small and medium-sized businesses. It offers access to over 140 currencies with a financial network touching over 200 countries. Its clients range from NGOs to educational institutions and small enterprises, and enterprise treasurers.

Earlier in 2023, the firm’s management highlighted some of the challenges it has faced in its business operations in Europe. To begin with, its unique model meant it needed to attain a payment license as well as markets in financial instruments directive (MiFID) licenses in every jurisdiction.

Even so, Gauthier acknowledged that this aspect gives the company a competitive advantage. It focuses on small to medium-sized businesses by taking “the great unknowns and the fluctuation away from them and allow them to focus more on their businesses”.