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Nium to buy UK travel payments firm Ixaris

Nium to buy UK travel payments firm Ixaris

Singapore-based cross-border money transfer operator Nium has agreed to buy UK travel payments outfit Ixaris. Financial terms were not disclosed.

Ixaris provides flexible funding and payment methods that help airlines and online travel agents in the £230 billion travel sector reduce surcharges, earn rebates, flatten FX fees, and streamline reconciliation.

Nium says the acquisition will help it in effort to provide one API integration to access the world's payments infrastructure.

Prajit Nanu, CEO, Nium, says: "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."

The deal also expands Nium's geographic reach ahead of a planned IPO in the US within the next two years, Nanu tells Bloomberg.

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