Western Union has acquired the international business-to-business (B2B) payments provider Custom House. Custom House processes payments originating in seven countries for payout in 120 countries.
With Custom House’s focus on cross-border payments for small to medium enterprises (SMEs), the acquisition will introduce Western Union to a new market, expanding its service offerings and customer base.
“Custom House has a proven operating model, seasoned management team and differentiating technology,” said Ranjana Clark, president, global business payments and head of global strategy at Western Union. “Its relatively small share of a large and expanding market offers an incredible runway for growth. This acquisition makes Western Union an instant player in the business-to-business payments space and its account-to-account capabilities complement our existing services.”
Custom House, which will be re-branded under the Western Union umbrella of services, will continue to be headquartered in Victoria, British Columbia, Canada under the leadership of its existing management team.