Convera
This article is about the financial technology company, not to be confused with the search platform provider Convera Corporation.
| Private | |
| ISIN | 🆔 |
| Industry | Cross-Border Payments, Foreign Exchange Solutions, FX, Commercial Payments, Risk |
| Founded 📆 | |
| Founder 👔 | |
Area served 🗺️ | |
Key people | Patrick Gauthier (CEO)
Dharmesh Syal (CTO) Michael Bourque (CFO) |
| Members | |
Number of employees | 1,924 |
| 🌐 Website | https://convera.com/ |
| 📇 Address | |
| 📞 telephone | |
Convera USA, LLC, previously known as Western Union Business Solutions, is a privately owned global financial technology company.[1] Headquartered in Seattle, Washington, Convera was founded following the acquisition of Western Union Business Solutions by Goldfinch Partners, LLC and The Baupost Group, LLC.[2] As of 2025, Convera offers three main services for businesses operating internationally: cross-border payments, foreign exchange risk management, and payment APIs.[3]
History
On September 1, 2009, Western Union acquired the Canada-based foreign payments company Custom House for $371 million.[4] Custom House was renamed Western Union Business Solutions in 2010.[5] The company recorded $111 million in revenue in 2010.[6]
On July 5, 2011, Western Union announced it would acquire the Global Business Payments division of Travelex for $933 million.[7] This acquisition expanded Western Union Business Solutions’ footprint to include 18 countries and added over 1,000 employees to Western Union.[8][9]
On August 4, 2021, private equity firms Goldfinch Partners LLC and The Baupost Group, LLC acquired Western Union Business Solutions for $910 million.[10] With 1,800 employees and over $110 billion in payment volume in 2020, Western Union Business Solutions was one of the largest non-bank providers of cross-border payments at the time.[11] Following the transfer of its European operations in late 2023, Western Union Business Solutions was established as a standalone payments company under the new name Convera.[12] In the same year, Patrick Gauthier, former global head of Amazon Pay, was appointed CEO, and Convera payments volume reached $170 billion.[13]
On June 11, 2024, The Fintech Times published a profile piece on Convera CEO Patrick Gauthier.[14]
FXC Intelligence named Convera to their “Top 100 Cross-Border Payment Companies” list for the third consecutive year on May 8, 2025.[15] Convera was listed as one of “The World’s Top 250 Fintech Companies” by CNBC on July 9, 2024, and again on July 16, 2025.[16][17] Additionally, Convera was named a winner in the 2025 Fintech Breakthrough Awards.[18]
On October 3, 2025, Convera’s head of market insights Steve Dooley was quoted in Laura Matthews and Saqib Iqbal Ahmed’s article for Reuters titled “Foreign Investors Can Exploit Cheaper Dollar Hedges as Fed Easing Resumes”.[19]
Services
Convera provides financial services focused on international payments and currency risk management to tens of thousands of customers globally.[20] The company's core offerings include an online cross-border payments platform and currency hedging tools.[21]
Convera GlobalPay is a cloud-based platform that allows businesses to send and receive payments in over 140 currencies across more than 200 countries and territories in observance of economic and trade sanctions laws.[22] As of 2024, GlobalPay was used by over 800 higher education institutions worldwide to facilitate tuition payments for international students.[23] The platform enables students to pay tuition in their local currency without incurring additional wire transfer fees.[24] Convera’s foreign exchange (FX) risk management tools allow clients to manage currency exposure through hedging strategies.[25] Convera’s payment APIs provide integration options for businesses to embed cross-border payment capabilities into their own platforms.[26] The company holds 60 regulatory licenses globally.[27][28]
References
- ↑ "About Convera". Convera. Retrieved October 21, 2025.
- ↑ "Goldfinch Partners and Baupost Announce Initial Closing of Acquisition of Western Union Business Solutions". Business Wire. 2022-03-01. Retrieved 2025-10-22.
- ↑ "Convera USA LLC - Company Profile and News". Bloomberg.com. Retrieved October 21, 2025.
- ↑ "Western Union CO (Form Type: 10-Q, Filing Date: 10/30/2009)". edgar.secdatabase.com. United States Security and Exchange Commission. Retrieved October 21, 2025.
- ↑ "The Western Union Company" (PDF). secdatabase.com. The United States Securities and Exchange Comission. October 26, 2010.
- ↑ "Western Union 2010 Annual Report" (PDF). westernunion.com. January 1, 2010.
- ↑ "Western Union to Acquire Travelex Global Business Payments". www.sec.gov. July 5, 2011. Retrieved October 21, 2025.
- ↑ Dealbook (July 5, 2011). "Western Union Buys Travelex Unit". The New York Times. Retrieved October 21, 2025.
- ↑ "Western Union Completes Acquisition of Travelex Global Business Payments". rttnews.com. December 7, 2011.
- ↑ IQ, S&P Capital IQ (July 1, 2023). "The Baupost Group, LLC and Goldfinch Partners LLC Completed the Acquisition of Western Union Business Solutions from The Western Union Company". www.marketscreener.com. Retrieved October 21, 2025.
- ↑ "Western Union Announces Agreement to Sell Western Union Business Solutions to Goldfinch Partners and The Baupost Group for Approximately $910 Million in Cash". financialpost. August 4, 2021. Archived from the original on August 5, 2021. Retrieved October 21, 2025. Unknown parameter
|url-status=ignored (help) - ↑ Dojan, Sorin-Andrei (July 10, 2023). "Convera completes purchase of Western Union Business Solutions". Electronic Payments International. Retrieved October 21, 2025.
- ↑ Webber, Daniel. "Convera's Next Steps: Western Union Business Solutions' Reinvention As A Standalone Global Payments Company". Forbes. Retrieved October 21, 2025.
- ↑ Times, The Fintech (June 11, 2024). "In Profile: Patrick Gauthier, CEO of Convera". The Fintech Times. Retrieved October 21, 2025.
- ↑ "The Top 100 Cross-Border Payment Companies". FXC Intelligence. May 8, 2025. Retrieved October 21, 2025.
- ↑ "The world's top 250 fintech companies: 2024". CNBC. July 9, 2024. Retrieved October 21, 2025.
- ↑ "The world's top fintech companies: 2025". CNBC. July 16, 2025. Retrieved October 21, 2025.
- ↑ "2025 Winners". FinTech Breakthrough Awards. Retrieved October 21, 2025.
- ↑ Matthews, Laura; Iqbal Ahmed, Saqib (October 3, 2025). "Foreign investors can exploit cheaper dollar hedges as Fed easing resumes". Reuters.
- ↑ Webber, Daniel. "Convera's Next Steps: Western Union Business Solutions' Reinvention As A Standalone Global Payments Company". Forbes. Retrieved October 21, 2025.
- ↑ anja (July 18, 2025). "Convera review (previously Western Union Business Solutions) 2025". WorldFirst AU. Retrieved October 21, 2025.
- ↑ Prendergast, Robert (September 13, 2024). "Convera selected by Routable for its global payments network". finance.yahoo.com.
- ↑ "Convera teams up with Ascent One". thepaypers.com. Retrieved October 21, 2025.
- ↑ "International Payments via Convera | Student Billing". studentbilling.berkeley.edu. Retrieved October 21, 2025.
- ↑ "Product Disclosure Statement Foreign Exchange Contracts" (PDF). convera.com. June 18, 2024.
- ↑ www.ETHRWorld.com. "ADP and Convera announce strategic partnership offering end-to-end payroll and payments solutions". ETHRWorld.com. Retrieved October 21, 2025.
- ↑ "State licensing information | Convera". United States - English. Retrieved October 21, 2025.
- ↑ "Terms and Conditions" (PDF). Convera.com.
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