Spanish banking group Banco Bilbao Vizcaya Argentaria (BBVA) has acquired Mexico-based payments start-up Openpay, as part of its fintech strategy.
However, the financial details of the transaction were not disclosed. The acquisition was made by BBVA Bancomer, a fully owned subsidiary of BBVA.
Through its Paynet network, Openpay offers a platform for physical and electronic payments for businesses.
Currently, Openpay manages over one million transactions per month, with a network of over 15,000 payment reception points in Mexico.
Its platform is used by more than 1,000 businesses that include startups, small and medium enterprises (SMEs) and large corporate clients.
BBVA new digital business general manager Teppo Paavola said: “Openpay is one of the principal innovators in Latin America in payments.
“Its development platform transforms the manner in which companies can do business online. By leveraging the synergies between Openpay and BBVA Bancomer, we hope to contribute to the growth of electronic commerce.”
The synergies resulting from the transaction is expected to multiply the commercial capacities of both companies.
BBVA Bancomer new digital business head Carlos López-Moctezuma said that the lender is working with Openpay to improve the functionalities of a payment platform in the bank and include new anti-fraud models.
In November 2015, BBVA agreed to acquire 29.5% stake in Atom, UK mobile-only bank, for around €64m. The acquisition was in line with BBVA's strategy to lead financial services in the digital age.
Besides, it purchased the Helsinki-based online business banking service Holvi in March last year, as part of its efforts to expand its portfolio of digital businesses to complement the group’s overall transformation process.
Image: BBVA head-office building in Bilbao. Photo courtesy of Zarateman/Wikimedia Commons.