Ecuadorian ‘unicorn’ Kushki buys finance service startup in Mexican expansion

Ecuadorian ‘unicorn’ Kushki buys finance service startup in Mexican expansion

MEXICO Town, Aug 17 (Reuters) – Ecuadorian “unicorn” Kushki, an online payment platform servicing Latin America, will purchase Mexican startup Billpocket in a bid to triple its development in Mexico around the following couple of months, Kushki mentioned Wednesday.

Kushki, which expanded to Mexico in 2020, said the purchase of Billpocket and its handheld credit history card terminals will enhance its present providers.

The companies did not disclose the acquire rate.

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“Now, with our blended technological know-how and practical experience, we will be capable to perform with far more companions all over the location, helping the paytech ecosystem to preserve developing,” explained Billpocket founder and chief executive officer Alejandro Guizar in a statement.

Billpocket faces opposition from Clip and MercadoLibre’s MercadoPago device, which have also released handheld terminals in the state.

Kushki, which also operates in Peru, Colombia and Chile, nabbed the coveted unicorn standing before this year just after reaching a valuation of additional than $1 billion.

The company explained regulators had previously signed off on its buy of Billpocket.

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Reporting by Kylie Madry enhancing by Richard Pullin

Our Specifications: The Thomson Reuters Trust Concepts.