Airwallex to acquire MexPago

Thursday 19 October 2023 14:17 CET | News

Global payments and financial platform for businesses Airwallex has signed a definitive agreement to acquire Mexico-based payment service provider MexPago.

Currently, the transaction is subject to regulatory approvals and customary closing conditions. Through this acquisition, Airwallex can expand its financial infrastructure into Latin America and advance its mission to enable and support businesses to grow and operate across borders.

Global payments and financial platform for businesses Airwallex has signed a definitive agreement to acquire Mexico-based payment service provider MexPago.

According to officials, by combining MexPago’s payment capabilities in Mexico with Airwallex’s global financial infrastructure, the company aims to unlock additional opportunities for enterprises in the region to operate worldwide, as well as to allow companies around the world to enter the Mexican market. Moreover, Airwallex’s data shows that the company saw more than 460% YOY revenue growth in Latin America, highlighting the demand for end-to-end fintech solutions that enable organisations to operate at a global scale.

With this acquisition, Airwallex works toward achieving its objective of becoming a payments and financial platform that enables businesses to expand their operations globally. Headquartered in Singapore, the company has 20 offices around the world that employ 1,400 individuals, with plans to grow its team and footprint over the next year.  

Airwallex’s latest developments

With its proprietary infrastructure, Airwallex offers solutions for businesses to manage payments, treasure, and spend management, as well as Embedded Finance. Currently, the company supports over 100,000 businesses globally, with its clients including brands such as Brex, Rippling, Navan, Qantas, and SHEIN, among others.

Recently, Airwallex partnered with Alpaca, a developer-first API brokerage platform, to support its payment and foreign exchange (FX) needs. Through this collaboration, the two companies aim to deliver cost-efficient experiences for global investors acquiring US stocks. By integrating Airwallex’s FX solutions, Alpaca wants to support broker partners in providing their retail customers with a simplified currency investing experience.

Moreover, at the beginning of September 2023, the company launched Airwallex for Startups in Hong Kong, aiming to improve customers’ development process. Through this launch, Airwallex wants to provide its suite of services for the improvement of the city’s early-stage businesses and firms and their overall international expansion.

At the end of August 2023, Airwallex entered a collaboration with Public to reduce FX costs for UK investors that acquire US-based equities. The partnership followed Public’s entry into the UK, its objective being to offer clients based in the region the possibility to develop a portfolio with over 5,000 US-listed equities. Additionally, customers can benefit from zero commission trading during US stock market hours and low overall FX fees, while also receiving access to Public’s data and insights.

For more information about Airwallex, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: acquisition, payments , financial services, cross-border payments, cross-border ecommerce
Categories: Payments & Commerce
Companies: Airwallex, MexPago
Countries: Mexico
This article is part of category

Payments & Commerce




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