Fleetcor Technologies, a firm focused on processing business-to-business (B2B) payments including fleet cards, will acquire Afex, a specialist in cross-border B2B payment services. The transaction will make Fleetcor the largest nonbank provider of foreign exchange (FX) services for B2B transactions, ahead of Western Union Business Services. Big banks dominate foreign exchange services for cross-border payments, but they focus on large enterprises. The Afex deal follows Fleetcor’s purchase of Cambridge Global Payments in 2017 in a transaction valued at $675 million. Both companies target smal...