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Comdata acquirea payroll card provider Sole Financial

Source: Comdata

Comdata, a FLEETCOR company (NYSE: FLT) and leader in corporate payment innovation, today highlighted its recent acquisition of SOLE Financial, a payroll card provider enabling instant, affordable wage access for workers.

Originally announced on July 8, 2019, the acquisition will extend Comdata’s industry leadership in payments by expanding the addressable market for its new Fintwist digital payment solution.

“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.”

Today’s employees place significant value on financial freedom, made possible through easier access to wages and greater control of their funds. 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. Radin added, “Accessible online or via mobile app, Fintwist will be made available to a greater range of companies through SOLE’s highly developed partner channel.”

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. The combined Fintwist organization will continue prioritizing corporate social responsibility by maintaining the Paperless Trees Project, an environmental sustainability initiative by SOLE that celebrates clients going paperless by planting trees in their name.

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