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Investing.com -- Airwallex is acquiring payments software platform OpenPay in a move aimed at strengthening its position against competitor Stripe Inc.
The acquisition will enable Airwallex to offer its users automated billing capabilities and new tools including revenue analytics, the company announced.
Financial terms of the deal were not disclosed.
As part of the transaction, San Francisco-based OpenPay’s entire 10-person team will join Airwallex.
The company plans to integrate OpenPay’s billing capabilities into its product suite for customers in the fourth quarter.
This strategic acquisition expands Airwallex’s service offerings as it seeks to compete more effectively in the digital payments space.
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