Airwallex expands to Latam with deal for Mexican PSP MexPago
Fintech unicorn Airwallex has agreed to acquire MexPago, a payment service provider based in Mexico, as it continues its expansion through Latin America.
Founded in 2014, MexPago empowers merchants to accept various modern payment methods using a single payments platform – from receiving payments on major card networks like Visa and Mastercard to conducting SPEI interbank transfers for online or physical stores. It holds an Institution of Electronic Payment Funds (IFPE) licence, which will allow Airwallex to expand its financial infrastructure into the region.
Ahead of today’s announcement, Airwallex had already reported year-on-year growth in the Americas of more than 400%. The company has been a unicorn since 2019 and, this time last year, was topping up its valuation to US$5.5bn thanks to a US$100m extension of its Series E round.
Airwallex enters Latin America with MexPago deal
Ravi Adusumilli, Executive General Manager for the Americas at Airwallex, says: “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.”
Luis Castillejos Ordaz, CEO of MexPago, adds: “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.”
Airwallex makes senior hires at San Francisco base
Airwallex has also announced a series of senior hires in its San Francisco hub, further boosting its credentials in the region. The company is welcoming a new VP of Global Information Security and IT, who has relocated from New Zealand; as well as new Directors of Revenue Strategy, Product Marketing and Corporate Affairs.
The new recruits add to the more 80-strong workforce at the San Francisco office, as well as the 1,400 people working for Airwallex worldwide. The company plans to hire more than 500 new recruits in the coming year, bringing its total headcount close to 2,000.
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