Swedish fintech opening first U.S. office in Jacksonville following acquisition of local company (Courtesy of the Jacksonville Business Journal) — A transnational Swedish fintech company plans to open its first U.S. office on the First Coast after acquiring Jacksonville-based OnPay Solutions.
Medius, which automates accounts payable, acquired OnPay in order to integrate the company’s payment processing software into its platform, the company said in a statement.
Founded in 2009, OnPay has been one of the fastest-growing companies in the area. With 35 employees, the company provides virtual card, ACH, check and wire payments for more than 400 customers.
Payment processing is the “last mile” in accounts payable automation, Medius CEO Jim Lucier said in the statement.
“Enhancing our end-to-end solution that automates the process of receiving, handling, approving and paying an invoice, as well as onboarding and managing vendors, requires best in class technology and deep domain expertise at each stage of the journey,” he said. “The team at OnPay Solutions brings both.”
Following the acquisition, which was for an undisclosed price, Medius plans to open an office here.
“Jacksonville is a burgeoning tech hub bursting with talent and following a similar trajectory to cities like Austin, Miami and Nashville,” Lucier said. “It is already home to a number of innovative fintech businesses, and we’re proud to add Medius’s name to that list.”
The fintech sector has been a growth area for Jacksonville, with companies like FIS, VyStar Credit Union, SS&C Technologies and others based here.
Photo courtesy of ICMA Centre