Airwallex taps LatAm market with Brazil licence, MexPago purchase

Airwallex has obtained a payment institution licence from the Banco Central do Brasil and finalised the purchase of Mexican payment service provider MexPago.

MexPago is a licenced institution of electronic payment funds (IFPE).

This move allows Airwallex to connect its global financial infrastructure with Brazil and Mexico, to support local businesses.

In Brazil, Airwallex aims to tap the B2B payment market by offering local accounts, card issuing, and payment acquiring services.

The company will also participate in Brazil's open banking ecosystem.

Plans are in place to roll out more services for global customers by 2025, which will include access to a bank account in Brazilian Reais with a unique identification number, and local payment and collection methods such as PIX and Boleto.

MexPago CEO and founder Luis Castillejos Ordaz will assume the role of country manager for Airwallex Mexico.

In his new position, Ordaz will be tasked with driving growth and assisting both existing and prospective Airwallex customers venturing into the Mexican market.

Ordaz said: “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.”

AirwallexAmericas presidentRavi Adusumilli said: “Our infrastructure strategy is to connect diverse and strategically significant markets around the world. With licenses in Brazil and Mexico, we can help companies in Latin America to expand and thrive across borders, while also helping businesses around the world to operate more seamlessly in these two dynamic economic markets.”

Airwallex's has licences to operate in Australia, the European single market, Canada, Malaysia, Hong Kong, New Zealand, Singapore, mainland China, the UK, and the US.

Recently, Airwallex partnered with online car-changing marketplace Carwow, enabling payment processing for enterprise dealer groups.

"Airwallex taps LatAm market with Brazil licence, MexPago purchase" was originally created and published by Electronic Payments International , a GlobalData owned brand.

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