FinTech Mobi724 Global Solutions has entered into an agreement to acquire all the shares of Avenida Compras for $4m.
Based in Buenos Aries, Avenida is a white-label marketplace and ecommerce firm that has a growing presence in Latin America. The marketplace enables payment card issuers, loyalty program operators, shopping mall associations and other third parties to provide their customers with a wide variety of online products.
The marketplace is also integrated into several payment networks that allows for a rapid scaling-up across LatAm.
The transaction is anticipated to close on or about 15 May 2022 and is subject to regulatory approval.
Mobi724 CEO Marcel Vienneau said, “We are truly pleased to make this transformational acquisition that further positions Mobi724 as a leading aggregator of real-time offers and rewards both online and offline in the Latin America region. We formed a strategic alliance with Avenida+ in November 2020, and in working together, we both experienced significant revenue-generating opportunities and an expanded sales pipeline. Avenida+’s management team has achieved strong success at growing its business, and as part of Mobi724, we look forward to working together to generate even further growth.
“We will leverage Avenida+’s existing relationships with over 4,500 merchants and with banks having a current card base of approximately 24 million payment cards so as to enable us to monetise our AI-powered portfolio of solutions, such as cash back and pay with points. As a team, we aim to offer the most innovative portfolio of solutions to our Latam target market of approximately 1 billion payment cards.”
Avenida CEO Daniel Jejcic added, “The demonstrated success of our partnership with Mobi724 was the motivating factor for us to take the next exciting step of joining forces so that together we can capture a larger share of the fast-growing Latin American market for payments and online marketplaces. The complementary nature of our businesses will enable 360° solutions for existing and future clients and create tangible value for cardholders.”
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