As U.S.-China tensions rumble on, fintech unicorn Airwallex pushes into Latin America with Mexico deal
Summary
Global fintech giant Airwallex on Thursday said it has agreed to acquire MexPago, a rival payments company based out of Mexico, for an undisclosed sum to help the firm expand its Latin America footprint. The company, which competes with the likes of PayPal , Stripe, and Block , sells cross-border payment services to mainly small and medium-sized enterprises. Airwallex makes money by pocketing a fee each time a transaction is made. The deal, which is subject to regulatory approvals and customary closing conditions, marks a major push from Airwallex into Latin America, a market that has become more attractive for fintech firms thanks to a primarily younger population and increasing online penetration. Jack Zhang, SumUps CEO, said the company was looking at Mexico as something as a hedge as it deals with geopolitical and economic uncertainty going on between the U.S. and China.
Classifications
AskAI Classifications
LabelsLinked Companies
