Airwallex tapped into its growing cross-border opportunities in Latin America by acquiring the Mexican-based payment service provider MexPago and a payment institution license in Brazil.

According to the official announcement, the global fintech giant aims to introduce customized services that will support businesses in these key markets. In Brazil, the company will focus on the B2B payment market.

Airwallex's Expanding Presence in Brazil

According to the company, while Brazilian consumers have quickly adapted to digital payments , especially through systems like PIX, B2B transactions have not kept pace, especially in cross-border dealings.

Commenting on the expansion, Ravi Adusumilli, the President for the Americas at Airwallex, said: “With licenses in Brazil and Mexico, we can help companies in Latin America expand and thrive across borders while also helping businesses around the world operate more seamlessly in these two dynamic economic markets.”

Through the newly acquired payment institution license, Airwallex expects to offer businesses in Brazil essential tools like local accounts, card issuing, and participation in the open banking ecosystem.

In 2025, the introduction of Brazilian Real bank accounts and local payment options, such as PIX and Boleto, will complement these services.

Meanwhile, Airwallex's acquisition of MexPago and its plans to expand into Mexico also focus on capitalizing on the country's rising demand for cross-border payment solutions. A growing number of Mexican SMEs are reportedly looking to broaden their international operations, with 85 percent anticipating expansion.

Airwallex mentioned that cross-border transactions already account for a significant portion of Mexico's e-commerce activity, and the market continues to grow rapidly at a rate of 44 percent annually.

Through the acquisition of MexPago, Airwallex now plans to provide seamless services that will help companies operate effortlessly across borders.

A Global Strategy for Expansion

Luis Castillejos, the CEO and Founder of MexPago, will now serve as Airwallex's Country Manager for Mexico, overseeing the growth and helping businesses navigate the complexities of entering the Mexican market.

“We're proud to join forces with Airwallex to enable seamless and secure cross-border transactions for businesses worldwide. MexPago's domestic capabilities combined with Airwallex's global reach will deliver even greater value to our shared customers,” Castillejos said. “Together, we will unlock borderless opportunities for businesses here in Latin America and around the world.”

Airwallex's moves in Brazil and Mexico are part of its broader global strategy to establish a comprehensive financial infrastructure in key international markets. With licenses already in place in Australia, Canada, the U.S., Hong Kong, the UK, and other regions, the company aims to expand its services in digital payments and financial services.