Spanish payments firm Voxel acquires Troovo

Karthik Subramanian

The Spanish B2B payments firm, Voxel, has announced that it has acquired the Australian-based company Troovo though the financial details surrounding the acquisition have not yet been revealed.

Banco Santander to cut 13% of its branches in Spain this year

Following this acquisition, it is expected that the Robotic Process Automation technology of Troovo would be integrated into the baVel payments platform of Voxel which would help to make better business decisions and streamline the payments process. This payment optimization is expected to lead to frictionless payments on the platform which would be able to handle the entire ebilling and epayments cycle. The company has been focussing on the travel industry and the payments related to this industry for a long. Though the pandemic had been a big blow to the travel and associated industry, it has also been a blessing in disguise as it has made the industry more open to the idea of digital payments which has been helpful for companies like Voxel.

“We have taken advantage of the pandemic to spend quality time thinking strategically and investing in technological innovation to emerge stronger from the crisis,” said Xavier Ginesta, chairman at Voxel. “The acquisition of Troovo, it’s the technology and its patent is the spearhead of a strategic plan that not only makes baVel Pay’s Payment Manager the most powerful B2B payment platform in the travel industry but also one of the most complete in the market in general.”

It is expected that Voxel would retain the Sydney and Melbourne offices of Troovo and would also be viewing this acquisition as a means of entry into the Asia Pacific region as it continues to do business with the existing Troovo customers. The company is hopeful that despite the slowdown in the travel industry and with growth, increasing margins and high bookings no longer assured, it would continue to be able to work on tighter margins and lower bookings and use digital technology to its advantage to overcome these challenges in the long run. It also hopes that this acquisition would give it the edge to streamline the billing and payment processes which would lead to increased savings for the company.

The payments industry has been seeing a lot of growth in volumes over the last few months and it has also been seeing a lot of competition between big and small companies for a share of the pie. Digital payments are the way ahead for the industry as they are easy to maintain and upgrade for the payment companies while their ease of use has helped drive the demand from the users providing a win-win situation for all.

Read this next

Digital Assets

Binance restores trading after 2-hour outage

Binance suffered a breakdown on its trading engine that lasted for about two hours, but the premier cryptocurrency exchange finally managed to restore normal operations at around 14:00 UTC.

Digital Assets

Tether earns $700 million in Q1, taking excess reserves to $1.6 billion

Tether chief technology officer Paolo Ardoino said the world’s largest stablecoin issuer expects to earn more than $700 million in the January-Mach quarter, which will be added to the reserve backing its stablecoin (USDT).

Digital Assets

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

Narwhal Finance received strong support from Animoca Ventures and angel investors in a $1 million seed funding round, reinforcing the company’s vision of providing an accessible platform to all.


SteelEye tries ChatGPT for market surveillance

This capability can be used as a starting point for initiating a surveillance investigation and to standardize workflow processes to boost the throughput and consistency of cases. It is also useful when analyzing communications in foreign languages, as the system returns the above insights in English regardless of the languages being used.

Industry News

SEC charges ex-Morgan Stanley advisor of NBA players after $13m fraud

Darryl Matthew Cohen was arrested this week and is facing three different federal counts of fraud, which could amount to 20 years in prison if convicted, besides the SEC complaint. 

Industry News

AWS FinTech Africa Accelerator launched, applications until April 27, 2023

Founders will be offered tech resources, expert guidance, and a global network of industry leaders, technologists, entrepreneurs, investors, associations, and partners, in order to build their fintech products. 

Industry News

Interactive Brokers pays unmatched interest up to USD 4.33% on cash balances over $10,000

For clients of Interactive Brokers, interest accrues daily, and payments are posted on a monthly basis. Interactive Brokers’ cash management is integrated into client broker accounts, making it simple to earn interest and borrow at the lowest rates without transferring cash.

Retail FX

FP Markets adds cTrader to roster of trading platforms that include MT4, MT5, Iress

“Our market share swings towards the more sophisticated segment of traders and we have been inundated with requests for an additional platform with more institutional-style characteristics. The addition of the cTrader trading platform offering allows our clients the choice to further shape their trading experience with us.”

Digital Assets

SEC mulls lawsuit against Coinbase’s staking and spot trading

Shares in Coinbase fell 15 percent after the US Securities and Exchange Commission threatened a potential enforcement action against the crypto exchange over certain products.