BBVA (Banco Bilbao Vizcaya Argentaria) has opted to expand its digital business capabilities, culminating in the acquisition of Mexican payments startup Openpay, a payments gateway servicing the country, according to a group statement.
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Openpay’s payments suite entails a broad range of advanced online solutions and functionalities in Mexico. In particular, Openpay also serves as a payment service provider (PSP) that helps facilitates e-commerce across mobile devices. The group relies on a real time platform that enables users to make card and cash payments and bank transfers via a singular module.
For its part, BBVA will be acquiring the group in its entirety, which operates in Mexico through Paynet, its own global network that presently consists of over 12,000 associated points-of-sale. Fiscally speaking, Openpay will be ending 2016 with a positive financial result.
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The acquisition will help BBVA accelerate and augment its portfolio of digital businesses as it looks to explore alternative solutions to traditional banking. Consequently, BBVA Bancomer, having already embarked on a collaboration with Openpay, will be greatly expanding its operational range of online payments solutions.
By extension, Openpay’s integration with Mexico’s largest bank will also help provide new opportunities for the startup. The deal is of particular importance for Mexico given the country’s affinity for e-commerce, which is on the rise in the region and Southern Hemisphere as a whole.
Despite the acquisition, Openpay will not be instituting a swath of changes in its management – rather, co-founders Roberto Bargagli, Eric Núñez, and Héber Lazcano will continue to manage their team from Openpay’s offices.
According to BBVA Bancomer’s General Manager Eduardo Osuna, in a recent statement on the acquisition: “Openpay is the next logical step within BBVA Bancomer’s aim to offer innovative, user-friendly payments solutions. We are very happy to welcome the Openpay team onboard, and we are eager to start working with them.”
“This acquisition shows BBVA’s commitment to digital transformation and it is an example of how fintech firms and banks are going to revolutionize the global ecosystem together. We will work with tremendous enthusiasm to take advantage of this huge potential,” explained Openpay’s co-founder Roberto Bargagli in an accompanying statement.