PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Industry Opinions
  • Faster Payments
  • News
  • Jobs
  • Events
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Industry Opinions
  • Faster Payments
  • News
  • Jobs
  • Events
No Result
View All Result
PaymentsJournal
No Result
View All Result

Comdata to Acquire Payroll Card Provider SOLE Financial

Steve Murphy by Steve Murphy
July 16, 2019
in Analysts Coverage, B2B, Mergers and Acquisitions
0
Comdata to Acquire Payroll Card Provider SOLE Financial

Comdata to Acquire Payroll Card Provider SOLE Financial

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

In this particular announcement, which is posted in Yahoo Finance, we learn that Comdata will be acquiring the consumer payroll processor named SOLE Financial, a mature 2004 startup based in Portland, Oregon. Comdata is more well known as a fleet card and B2B payments service provider, but also has a prepaid and payroll business component. Comdata launched a new digital payroll product called Fintwist several months ago, so this seems to be a logical combination with SOLE to address unbanked and underbanked employees for business constituents.  In this case SOLE targets more of the SME space.

‘“Through this acquisition, we can grow Fintwist’s footprint among small to medium businesses while continuing to serve our larger enterprise customers,” commented Brian Radin, president of Comdata’s Prepaid and Payroll Card division. “SOLE will serve as a great strategic addition to our payroll card business, extending Fintwist’s reach as it helps companies provide superior value to modern workers and strengthen the employer-employee relationship along the way.” ‘

Although we have not yet received a briefing on the Fintwist solution, it is a digital and mobile-app based payments payroll account, allowing employees to initiate and execute digital payments (including bill payments) without the need for a direct banking relationship. Although the mobile wallet aspects are assumed to be available for proximity, a physical card is also provided as needed. Financial inclusion and sustainability are themes mentioned as well, since the app has certain financial management tools, and the SOLE entity promotes paperless corporate environments (even involving tree planting).

‘With the combined strengths of Comdata and SOLE, Fintwist will empower all types of companies with the ability to provide their workforce immediate access and full control of their wages, as well as robust cardholder education and financial management tools. Fintwist gives employees a better way to get paid, make payments, send money to friends and more – all within a highly secure digital payment solution…… Fintwist comes with no fees to employers, delivering new efficiencies and cost-savings in payroll processing that transform payroll from a cost center to an empowering employee benefit. The addition of SOLE will provide future Fintwist clients with increased efficiencies and a seamless onboarding experience, through accelerated online employee enrollment and other added capabilities.’

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

Summary
Comdata to Acquire Payroll Card Provider SOLE Financial
Article Name
Comdata to Acquire Payroll Card Provider SOLE Financial
Description
Comdata launched a new digital payroll product called Fintwist several months ago, so this seems to be a logical combination with SOLE to address unbanked and underbanked employees for business constituents. 
Author
Steve Murphy
Publisher Name
PaymentsJournal
Publisher Logo
PaymentsJournal
Tags: B2BComdataPayroll
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Analyst Coverage, Payments Data, and News Delivered Daily
Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

Must Reads

Mastercard Leverages Active Biometrics to Secure More than Just Payments

Mastercard Leverages Active Biometrics to Secure More than Just Payments

December 5, 2019
Hey Issuers, Big Tech Is Coming. Here’s How to Compete

Hey Issuers, Big Tech Is Coming. Here’s How to Compete

December 4, 2019
Understanding Mastercard’s Approach to Real-Time Payments

Understanding Mastercard’s Approach to Real-Time Payments

December 3, 2019
How Volante Technologies and The Clearing House Are Making It Easier to Benefit From Real-Time Payments

How Volante Technologies and The Clearing House Are Making It Easier to Benefit From Real-Time Payments

December 2, 2019
Why Risk Management In Finance Is A Tech Matter

Why Risk Management In Finance Is A Tech Matter

November 27, 2019
‘Tis the Season for Holiday Cheer and… Fraud?

‘Tis the Season for Holiday Cheer and… Fraud?

November 26, 2019
Blurring the Lines between Tech and Banking

Blurring the Lines between Tech and Banking

November 25, 2019
7 Fabulous AI Chatbot Trends for Small Business

7 Fabulous AI Chatbot Trends for Small Business

November 25, 2019

Connect With Us

  • Advertise With Us
  • About Us
  • Terms of Use
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Industry Opinions
  • Faster Payments
  • News
  • Jobs
  • Events

© 2019 PaymentsJournal.com

  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Industry Opinions
  • Faster Payments
  • News
  • Jobs
  • Events
No Result
View All Result