Airwallex enters Latin America with MexPago acquisition
Fintech unicorn Airwallex is expanding into Latin America with the acquisition of Mexican payment service provider MexPago.
Airwallex set to acquire MexPago
The deal is subject to regulatory approvals and customary closing conditions and financial terms have not been disclosed.
Describing itself as a “global payments and financial platform for modern businesses”, Airwallex offers embedded finance products and payments, treasury and spend management solutions built to help companies grow and operate across borders.
It says the deal to buy MexPago is “an important part of Airwallex’s broader growth strategy in the Americas, where the company has seen more than 460% YOY revenue growth”.
MexPago holds an Institution of Electronic Payment Funds (IFPE) licence in Mexico and provides an integrated platform that enables businesses to make and receive payments via major card networks like Visa, Mastercard and American Express and via SPEI interbank transfers.
The company’s CEO, Luis Castillejos Ordaz, says the “combination of MexPago’s payments capabilities in Mexico and Airwallex’s global financial infrastructure” will unlock new opportunities “for companies in Mexico to operate globally, and for companies around the world to operate in Mexico”.
Ravi Adusumilli, executive general manager, Americas at Airwallex, adds that the deal is “a critical milestone” for the company as it enters Latin America for the first time, building on its presence in Europe, North America and Asia Pacific.
Founded in Melbourne, Australia in 2015, Airwallex is currently headquartered in Singapore and boasts 20 international offices.
The company recently boosted its US presence with several senior hires at its San Francisco office and says it plans to hire “500+ new teammates over the next year”.
