The question demonstrates a possible scenario where Western Union, Revolut, Visa, and Fleetcor might be the key players in a wave of mergers and acquisitions in the cross-border payment sector.

In the dynamic world of fintech, the cross-border payments market has seen a surge of activity in recent years. Since the beginning of 2019, nearly 1,400 mergers and acquisitions (M&A) deals have taken place, according to industry reports.

One of the most intriguing aspects of this market is its fragmentation. Western Union, a major player, holds around 12-13% of the market share, while MoneyGram and Ria account for approximately 3-4% each. However, the market remains highly competitive, with a variety of independent international payment companies still active. These include Stripe, PayPal, Klarna (operating PayU), Sokin, Alipay+, and others that support cross-border transactions and multiple currencies.

In the B2B sector, AFEX, one of the oldest independent money transfer players left, could be a good fit for some players. Its focus on B2B transactions would likely best fit alongside other B2B specialists such as Fleetcor-backed Cambridge Global Payments, Western Union Business Solutions, or smaller fast-growing players like Argentex or Alpha FX.

The search for acquisitions is not limited to AFEX. Western Union's CEO has stated that they are actively looking for acquisitions and have a better financial position than competitors. Similarly, Revolut's CEO has also mentioned their interest in acquisitions, following a recent fundraising that has left the company cash rich.

The acquisition of Sendwave by WorldRemit, announced this week, is a testament to the rising demand for digital remittance services. However, discussions between Currencies Direct and OFX did not result in a deal.

The strategy of various players and potential acquisition targets in the cross-border payments market has been a topic of discussion. In a linked article, Daniel Webber delves into these strategies, providing insights into the competitive landscape.

For major players like Western Union, Ria, or MoneyGram, consumer-side players such as Sigue, Dolex, Viamericas, and Moneytrans may not add enough scale. These companies remain active on the consumer side of the cross-border payments market, but their potential impact on larger players is questionable.

In the cross-border payments segment, there have been five major deals and a few smaller or undisclosed value ones. As the market continues to evolve, it will be interesting to see how these acquisitions shape the future of the industry.

The question demonstrates a possible scenario where Western Union, Revolut, Visa, and Fleetcor might be the key players in a wave of mergers and acquisitions in the cross-border payment sector.