Zenus Financial institution, a digital financial institution primarily based in Puerto Rico which affords U.S. financial institution accounts to non-citizens, has just lately introduced the acquisition of Fuex, a LatAm-focused funds fintech that it defines as strategic to its regional enlargement.
Fuex, additionally primarily based in Puerto Rico, markets APIs that allow real-time funds by means of main world card manufacturers. By way of the M&A deal, Zenus goals to broaden its attain to markets within the Caribbean and Latin America.
“Fuex Funds has been on the forefront of the fintech revolution within the Caribbean and LAC markets, and we’re thrilled to have them be part of the Zenus Financial institution household,” mentioned Mushegh Tovmasyan, Founder, and Chairman of Zenus Financial institution, in a press launch.
Based in 2019, Zenus supplies banking merchandise to non-U.S. residents, together with a digital and bodily Visa debit card. As well as, the fintech caters to companies and stories clients in additional than 90 nations.
“Entry to the U.S. banking system stays difficult for a lot of,” Tovmasyan mentioned in a current report. “In a very globalized world, this shouldn’t be the case.”
Candido Alfonso, co-founder and CEO at FUEX Funds mentioned the agency would leverage Zenu’s monetary market experience to speed up the expansion of its real-time funds merchandise.
The businesses didn’t disclose the quantity of the transaction.
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David is a Latin American journalist. He stories recurrently on the area for world information organizations comparable to The Washington Put up, The New York Occasions, The Monetary Occasions, and Americas Quarterly.
He has labored for S&P International Market Intelligence as a LatAm monetary reporter and has constructed experience on fintech and market tendencies within the area.
He lives in Buenos Aires.