Amid a lack of investment in the sector, Ecuadorian payment technology company Kushki has announced the purchase of the Mexican point-of-sale terminal platform Billpocket.
Despite the adverse environment, the fintech company completed the purchase two months after obtaining unicorn status. With the acquisition, it hopes to triple the growth of its business in Mexico and strengthen the infrastructure of its payment system.
The acquisition has already been approved by Mexico’s competition authority (Ccofece). The transaction is nearing completion and is expected to close in the coming months.
Commenting on the purchase, Aron Schwarzkopf, CEO of Kushki, said that the massive growth of point-of-sale terminals in Mexico, the adoption of e-commerce, and the speed of digitalization make the country a favorable destination for technology investment.
“Kushki plans to work and invest in Mexico because Mexico is not only the second-largest economy in the region, but it is also the first region in the world in terms of card payment point expansion, and it is the country with the fastest growing adoption, including e-commerce,” Schwarzkopf said.
For “Kushki,” expansion in the country is critical, as e-commerce is expected to reach US$146 billion by 2025, with growth driven by the rise of digital payments, smartphones, and the Internet.
In addition, the use of these tools is increasing: currently, 77.8% of companies receive their payments in this way, and three out of ten companies have opted for digital payments during the pandemic, according to the study “Approval Rates and Chargebacks 2021,” prepared by the Association of Internet MX (AIMX).
With information from Latina Press