Venture-backed Australian-founded fintech company Airwallex has signed a definitive agreement to acquire MexPago, a Mexico-based payment service provider.
No financial details of the transaction have been disclosed. Completion of the deal remains subject to regulatory approvals and customary closing conditions.
Founded in Melbourne in 2015 to provide simpler and cheaper overseas payments for Australian companies, Airwallex is now a leading global payments and financial platform business.
The company is an investee of Square Peg Capital, Skip Capital and industry super fund Hostplus as well as a wide roster of Asian and US institutional investors.
The acquisition of MexPago will enable Airwallex to expand its financial infrastructure into Latin America. This is an important part of the company’s broader America’s growth strategy which it says has generated higher than 460% year-on-year revenue growth.
Airwallex executive general manager, Americas, Ravi Adusumilli said the acquisition would be a critical milestone in the company’s objective of building a truly global proprietary financial infrastructure system.
“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,” he said. The company’s growth rate in the Americas region showed there was vast unmet demand for end-to-end fintech solutions that enable organisations to operate at global scale.
MexPago chief executive Luis Castillejos Ordaz said: “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.”