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Wells Fargo & Company signed a deal to acquire Capital TempFunds, a financial services provider to the staffing industry. Terms of the deal were not announced. Capital TempFunds will become part of Wells Fargo's staffing services group, which provides accounts receivable financing to staffing firms.
Capital TempFunds is a division of Capital Business Credit LLC.
"Capital TempFunds is a tremendous fit for our organization," said Scott McArron, head of Wells Fargo Business Credit's staffing services group. "Together we'll strengthen our accounts receivable financing programs for staffing companies, offering them a strong financial solution to meet their capital needs."