TreviPay Completes Sale of Multi-Service Fuel Card Business Unit

Corsair announced Thursday (Nov. 18) that its portfolio company TreviPay has completed a global receivables securitization and the sale of a non-core business unit, according to a press release.

In closing its first global receivables securitization, TreviPay replaced $175 million of on-balance sheet asset-backed loans (ABL) with a $230 million off-balance sheet (OBL) securitization, the release stated. In addition, TreviPay completed the sale of its Multi Service Fuel Card business unit to Shell Oil Company.

TreviPay is a B2B payments business, and Corsair is a private equity firm focused on investments in financial services. Corsair acquired TreviPay, which was formerly known as MSTS, in September 2020, according to the release.

“When we partnered with CEO Brandon Spear and the TreviPay team just over a year ago, we identified a strategic plan to complete this securitization and non-core business unit sale by 2022,” Corsair Partner Jeremy Schein said in the release. “We are pleased to have achieved this goal well ahead of schedule, allowing us to focus on executing our organic and inorganic growth strategies to position the company for long-term success. We’re excited for TreviPay’s bright future as a leader in the growing B2B payments space.”

In an interview with PYMNTS, TreviPay Chief Product and Information Officer Dan Zimmerman said that while so-called “net terms” have existed in B2B trade for decades, some of the qualities of buy now, pay later (BNPL) are now catching on in the B2B realm.

Read more: Businesses Want Trade Credit to be as Fast, Easy and Available as Buy Now Pay Later

“I think the first impact we’ve seen from BNPL, and how B2C is influencing B2B, is that it’s driving this change in expectations that net terms should act a lot more like BNPL — real time, digital, fast, easy,” he said. “The new expectations of net terms or direct bills as referred to in B2B are getting changed by BNPL from B2C.”