The deal, which is still subject to regulatory approval, will see the FinTech unicorn acquire the Mexico-based payment service provider, which is the holder of an Institution of Electronic Payment Funds (IFPE) license.
This strategic move enables Airwallex to expand its financial infrastructure into Latin America, aligning with its goal of empowering businesses to thrive and operate internationally, as part of its overarching growth strategy in the Americas, where the company has experienced remarkable year-over-year revenue growth, surpassing 460%.
Airwallex is a leading global financial platform that offers comprehensive solutions for modern businesses, covering payments, treasury management, spend management, and embedded finance. Leveraging its proprietary infrastructure, Airwallex simplifies global payments and financial operations, empowering businesses of all sizes to seize new opportunities and expand across borders. With a global footprint and a client roster that includes Brex, Rippling, Navan, Qantas, SHEIN, and more, Airwallex is at the forefront of modern financial technology.
MexPago is a regulated FinTech company that revolutionises payment methods for merchants in Mexico. They provide an integrated payment platform that enables businesses to send and receive various types of payments, from major card networks like Visa, MasterCard, and American Express to SPEI interbank transfers. MexPago’s platform streamlines payment collection, making payouts to suppliers and employees more efficient, all within a single, user-friendly interface.
Luis Castillejos Ordaz, CEO of MexPago, said, “Airwallex’s ability to connect companies across borders is unparalleled. The combination of MexPago’s payments capabilities in Mexico and Airwallex’s global financial infrastructure will unlock exciting opportunities for companies in Mexico to operate globally, and for companies around the world to operate in Mexico. I look forward to working closely with Airwallex to obtain the necessary approvals and to ensure a smooth transition of ownership.”
Ravi Adusumilli, Executive General Manager, Americas at Airwallex, said, “This is a critical milestone for Airwallex. It marks our entry into Latin America and our commitment to building truly global and proprietary financial infrastructure. Our team’s ability to drive more than 460% revenue growth in the Americas region is a testament to the vast, unmet demand for end-to-end FinTech solutions that allow organisations to operate at a global scale. With the acquisition of MexPago, we’re on a path to become the number one payments and financial platform for modern businesses to go global. We’re excited to welcome Luis and the MexPago team to the Airwallex family.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global