FEMSA, the Mexican retail conglomerate and bottler introduced that it closed the acquisition of NetPay — a digital fee platform for micro, small, and medium-sized enterprises — as a part of its plans to strengthen its participation within the monetary and digital options section.
In a press release despatched to the Mexican Inventory Alternate (BMV), the corporate stated the deal was closed after Femsa obtained the corresponding regulatory approvals.
The settlement for the group’s acquisition of NetPay was introduced in November 2022. FEMSA has owned minority shares within the fintech since 2019.
Serving to Mexican small companies develop into extra worthwhile
On that event, José Antonio Fernández Garza Lagüera, CEO of FEMSA’s digital subsidiary, acknowledged that “this acquisition will enable us to increase our price proposition to micro, small, and medium-sized enterprises, in addition to impartial entrepreneurs to strengthen and make their companies extra worthwhile.”
The conglomerate now has full management of the fintech’s shares. It plans to enterprise into Mexico’s remittance market, amplifying the mixing of its digital enterprise and creating an ecosystem that coordinates its Spin fintech, Oxxo’s rewards program, and its B2B enterprise.
Based in Mexico in 2012, NetPay offers a digital platform that allows retailers to just accept credit score and debit card funds, financial institution transfers, and different digital strategies.
A significant transfer for FEMSA’s transformation
Along with that, the corporate additionally gives transaction monitoring and analytics instruments to assist retailers handle and optimize their operations.
In current months, the fintech has expanded its operations in a number of LatAm nations, together with Colombia, Chile, Peru, and Brazil.
Associated:
FEMSA has guess huge on the fintech sector and its means to remodel the funds business.
The group operates greater than 20,000 shops in Mexico below the Oxxo model. However in accordance with the corporate, 79% of transactions in these shops are nonetheless cash-based — making coming into the fintech business important to the conglomerate’s digital transformation.
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Jorge C. Carrasco is a Contributing Reporter at Fintech Nexus. He studies on fintech, financial system, banking, startups, and expertise, overlaying essentially the most impactful tales from a Latin American perspective.
He has contributed to a number of worldwide publications, similar to Overseas Coverage, The Spectator Australia, Estadão, Época, Washington Examiner, and Quillette. Initially from Havana, Cuba, he’s now based mostly in Brazil.