Basware Closes Trustpair Deal, Extending Invoice Management to Cover Supplier Bank-Account Fraud
Basware Closes Trustpair Deal, Extending Invoice Management to Cover Supplier Bank-Account Fraud #
Finnish invoice lifecycle management firm Basware has completed its acquisition of Trustpair, a Paris-based payment fraud prevention platform, closing a deal first announced in late August. Financial terms were not disclosed.
The acquisition addresses a vulnerability at the edge of Basware’s platform. As the company noted, an invoice can clear every internal check (verified as authentic, correctly coded and properly approved) yet funds can still reach a fraudster if a supplier’s bank account details have been compromised or spoofed. Trustpair’s technology addresses that risk by validating supplier bank accounts at three points: when a new vendor is onboarded, when account details are updated, and again immediately before a payment is authorized. The platform integrates with SAP, Oracle, Coupa, Ivalua and Kyriba.
Founded in 2017 by Baptiste Collot, Alexandre Gillier and Simon Elcham, Trustpair was built around the threat of business email compromise and vendor impersonation fraud, scams that trick finance teams into redirecting payments to attacker-controlled accounts. The platform now serves more than 400 enterprise customers globally. Collot, who will continue to lead Trustpair, said the combination with Basware responds to the growing use of artificial intelligence by criminal actors, arguing that AI is lowering the cost and raising the sophistication of attacks faster than human-led validation processes can keep pace.
Basware CEO Jason Kurtz described AI as simultaneously one of the most powerful productivity tools of the era and one of the most powerful instruments now in the hands of fraudsters. The merged offering, he said, would be the first genuinely end-to-end lifecycle assurance running from invoice receipt to payment execution available on the market.
Trustpair will continue to operate independently under its own brand, maintaining existing customer contracts, support structures and go-to-market operations. Its existing backers, Axeleo Capital, Breega and Tikehau Capital, remain involved. Basware said Trustpair’s platform will remain open to customers running systems outside the Basware ecosystem, preserving its standalone commercial model.
The Trustpair deal is Basware’s fourth acquisition since 2023, following purchases of analytics firm Glantus, AP Matching and document management specialist Redmap. Basware has used the deals to extend its accounts payable platform beyond invoice processing into risk and compliance functions.
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