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Comdata to Acquire Payroll Card Provider Sole Financial
Thursday 18 July 2019

18 July 2019 - US-based corporate payment company Comdata, a Fleetcor company (NYSE: FLT) has acquired Sole Financial, a payroll card provider enabling instant, affordable wage access for workers, the company said.
The acquisition will extend Comdata's industry position in payments by expanding the addressable market for its new Fintwist digital payment solution.
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.
According to Comdata, 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.
Comdata is a provider of innovative payment and operating technology that drives actionable insights from spending data, builds enhanced controls and positively impacts its clients' bottom lines.
The company partners with more than 30,000 businesses to better manage USD 55bn in annual fleet, corporate purchasing, payroll and healthcare spending, making it one of the largest fuel card issuers and the second largest commercial MasterCard provider in the United States and Canada.
Founded in 1969 and headquartered in Brentwood, Tennessee, Comdata employs more than 1,300 professionals across North America.
Sole Financial advances financial inclusion by providing unbanked workers instant and affordable access to their hard-earned pay while helping companies go paperless.
The Sole Visa Payroll Card eliminates the expensive and logistical burden of paper checks and bridges the gap for clients striving to reach 100% direct deposit participation.
Date Published: 18/07/2019
Target: Sole Financial
Country: USA
Sector: Banking/Financial Services
Type: Corporate acquisition
Status: Closed
Buyer: Comdata
Terms of the deal were not disclosed