Mexico’s Largest Bank Acquires Fintech Payments Startup Openpay

Wednesday, January 4, 2017

BBVA Bancomer, the largest financial institution in Mexico, has acquired Openpay, a payments Fintech startup based in Mexico that enables real-time payments for individuals, small businesses, and large enterprises. The acquisition comes after a collaborative partnership between the bank and the Openpay which saw the bank benefit by increasing its range of online payments solutions.

“This operation will allow us to remain at the cutting edge of payment systems,” said customer solutions chief Derek White at BBVA. “This operation will also bring numerous benefits for our customers.”

As a payment service provider, Openpay allows for card, cash and loyalty-points payments coupled with bank transfers over a single platform. The platform operates over Paynet, a wide network of POS (point-of-sale) locations where cash payments for online purchases are also enabled.

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digital payments, financial inclusion, fintech