Airwallex Expands into LatAm with Dual Market Entry

Global financial infrastructure provider Airwallex is expanding into Latin America's two largest markets through a dual-market strategy, securing regulatory approval in Brazil and completing an acquisition in Mexico.

The news comes shortly after the company announced its strategic partnership with ClearBank. 

The company, which provides cross-border payment solutions and treasury management services to over 150,000 businesses globally, has obtained a payment institution licence from the Banco Central do Brasil. 

This authorisation will enable Airwallex to offer local accounts, card issuing, and payment acquiring services to Brazilian businesses.

Brazil's B2B Payment Evolution

Brazil's consumer payments sector has undergone significant digitalisation, particularly through PIX—the country's instant payment network which processes real-time bank transfers. PIX is projected to handle 40% of online payments in Brazil by 2026.

The business-to-business payments sector in Brazil has not matched this pace of digitalisation, especially for international transactions. 

Airwallex aims to address this gap by introducing services for global customers in 2025, including Brazilian Real bank accounts with unique identification numbers and integration with local payment methods such as PIX and Boleto—a popular payment method that generates a barcode for transactions.

The company will also participate in Brazil's open banking ecosystem, enabling integration with domestic financial institutions and expanding access to local payment infrastructure.

Mexican Cross-Border Surge

The acquisition of MexPago, a regulated payment service provider in Mexico that operates an integrated payment platform for businesses, positions Airwallex in a market where 85% of SMEs plan to expand internationally. 

Cross-border transactions currently represent 22% of Mexico's e-commerce activity, with the market growing at a compound annual growth rate of 44%.

MexPago's platform enables businesses to process payments through major card networks including Visa, Mastercard, and American Express, as well as SPEI interbank transfers for both online and physical stores. 

The platform combines payment acceptance capabilities with supplier and employee payout functionality in a single integrated system.

Mexico's position in global trade has strengthened, becoming the United States' largest source of imported goods, surpassing China for the first time in two decades.

Luis Castillejos Ordaz, founder of MexPago who will become Country Manager for Airwallex Mexico, says: “Mexico plays a pivotal role in the global economy, serving as a key link between North and South America and a critical hub for cross-border payments.”

Ravi Adusumilli, President of Americas at Airwallex, adds: “With licences in Brazil and Mexico, we can help companies in Latin America to expand and thrive across borders, while also helping businesses around the world to operate more seamlessly in these two dynamic economic markets.”

The expansion adds to Airwallex's regulatory portfolio, which includes licences in Australia, the European single market, Canada, Malaysia, Hong Kong, New Zealand, Singapore, mainland China, the United Kingdom and the United States.

Founded in Melbourne, Airwallex supports over 150,000 businesses globally and has a wide array of clients such as Brex, Rippling, Navan, Qantas, SHEIN and more.

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