Basware has acquired Trustpair, a payment fraud prevention platform for large corporations, for an undisclosed amount. The deal brings together Basware’s expertise in purchase-to-pay automation with Trustpair’s specialized technology for verifying account ownership and securing financial transactions.
Trustpair, founded in 2017, provides finance teams with automated tools to protect the entire procure-to-pay process. Its platform validates bank account details using internal and external data sources, integrates natively with procurement, ERP, and treasury management systems, and offers real-time risk alerts. The company raised 20 million euros in October 2022 to support its U.S. expansion and product development, and it reports that more than 200 companies worldwide have used its solution to avoid fraud.
Basware, known for its invoice processing and spend management solutions, will incorporate Trustpair’s fraud prevention capabilities into its existing offerings. The acquisition is intended to strengthen Basware’s position in the financial operations market by addressing a growing concern for CFOs and finance leaders: payment fraud. By embedding Trustpair’s verification and monitoring tools directly into its platform, Basware aims to offer customers a more complete workflow that covers both efficiency and security.
The strategic rationale centers on complementarity. Basware’s strength lies in automating the flow of invoices and payments, while Trustpair’s focus is on validating the recipients of those payments. Combining the two allows for a seamless process where fraud checks occur automatically within the same system, reducing manual oversight and potential errors. For Trustpair, joining Basware provides access to a broader customer base and an established distribution network, particularly in Europe and North America.
The combined entity is expected to deepen its focus on integrated financial operations, with fraud prevention becoming a standard component of purchase-to-pay software rather than a separate add-on. As regulatory scrutiny and cyber threats evolve, the merged platform will likely appeal to enterprises seeking a single vendor for both automation and security. The deal’s success will depend on how smoothly the two product teams integrate their technologies and how quickly existing Basware customers adopt the new capabilities.