Wex, Financial Technology Company, Buys eNett, Supplier of Payments Technology
Travelport had owned majority stake in eNett, which has geographic reach in Europe and Asia/Pacific >>
by: Harvey Chipkin
Wex, a financial technology company, has agreed to buy eNett, a payments technology company for travel suppliers, along with a related financial company called Optal, for about $1.7 billion. Both eNett and Optal work with major online travel agencies like Booking.com and suppliers like AirAsia, and together generated about $155 million in revenue in 2019. Travelport held nearly three-quarters of eNE. Melissa Smith, CEO of Wex, said the deal creates the foremost payments leader in the global travel marketplace, with the combined company representing about 20% of the market. The biggest gain for Wex, she said, is adding eNett’s geographic reach in Europe and Asia-Pacific. “We expect to see more growth on a global basis to the merchant model, with the biggest shift going to the European market,” said Smith, adding that about a third of the market worldwide is done on the merchant model and “we expect that to grow.”
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