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Airwallex buys into Latin America with Mexican takeaway

Technology

The purchase of MexPago is critical to the fintech’s ambitions in the region, it says.

By Philip King 11 minute read

Melbourne fintech start-up Airwallex has expanded its North American presence with the purchase of Mexican payments company MexPago.

Airwallex said the acquisition would extend its financial infrastructure into Latin America and was an important part of its broader growth strategy in the region, where revenue had grown more than fivefold year on year.

Airwallex Americas executive general manager Ravi Adusumilli (pictured) said the purchase was key to the company’s ambitions.

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“This is a critical milestone for Airwallex,” he said. “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 per cent 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.”

MexPago was an integrated payment platform that worked with major credit cards, banks and physical or online stores. CEO Luis Castillejos Ordaz said the two companies were a good fit.

“Airwallex’s ability to connect companies across borders is unparalleled,” he 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.”

“I look forward to working closely with Airwallex to obtain the necessary approvals and to ensure a smooth transition of ownership.”

The transaction was subject to regulatory approvals and customary closing conditions.

Airwallex said its San Francisco office would continue as the strategic hub for the region and made a raft of fresh appointments including a director of revenue strategy for the Americas and a director of global product marketing.

Founded in Melbourne in 2015, Airwallex is headquartered in Singapore and has 20 offices worldwide with 1,400 employees, including 80 in North America. It planned to recruit more than 500 new staff over the next year.

Philip King

Philip King

AUTHOR

Philip King is editor of Accountants Daily and SMSF Adviser, the leading sources of news, insight, and educational content for professionals in the accounting and SMSF sectors.

Philip joined the titles in March 2022 and brings extensive experience from a variety of roles at The Australian national broadsheet daily, most recently as motoring editor. His background also takes in spells on diverse consumer and trade magazines.

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