Chile-based fintech Klap partners with BPC

Founded in 2007, Klap works as a business network throughout Chile, connecting large and small companies with bank issuers and service providers through its terminals and technologies. Its e-wallet allows users to pay bills, top up mobile phones, make bank transfers and deposits, and shop online without a payment card or bank account. Customers can either pay for online purchases with a bank transfer using the Multicaja network, or with cash at Multicaja outlets across the country.

BPC’s SmartVista Suite with its Merchant Management and Acquiring solution, will be used by Klap to manage the payment processing of all the businesses affiliated with its wallet, enabling the integration of services and solutions in a single platform. This will also streamline the processes that support new customer features and requirements.

The deal with Klap underscores BPC’s growing presence in Latin America. Over the past few years, the company has worked with some of the biggest banks, card issuing companies, and fintechs on the continent, gaining market share in countries such as Colombia, Argentina, and Brazil.

Klap will benefit directly from this regional expertise as it grows its customer base. The company currently has more than 70,000 affiliated businesses and a 15% market share in the food purchase category. By focusing its portfolio of customer services on the positioning of products for multi-service verticals - such as prepaid, recharges, accounts, and transfers - the fintech has found an opportunity for growth and expansion, promoting payment solutions such as debit and credit cards.

The SmartVista Suite with its Merchant Management and Acquiring solution offers merchants a wide range of payment instruments, and allows customers flexibility in implementing their operations, in addition to meeting the requirements and industry standards. According to the report Disruption for Inclusion: trends and non-traditional opportunities to promote financial inclusion in Latin America, published by Deloitte, in 2021, more than 40% of fintechs in the region serve unbanked or underbanked SMEs as their main customers.