Airwallex has obtained a payment institution license from the Central Bank of Brazil and completed the acquisition process of MexPago, a Mexico-based payment service provider and holder of an Electronic Payment Fund Institution (IFPE) license.
With these two licenses, Airwallex will connect its global financial infrastructure with the two largest LATAM economies to support companies in Brazil and Mexico and facilitate the entry of international companies into the region.
“Our infrastructure strategy is designed to connect diverse and strategically important markets around the world,” said Ravi Adusumilli, President, Airwallex for the Americas.
“With licenses in Brazil and Mexico, we can help companies in Latin America expand and thrive without borders, while also helping companies around the world operate more smoothly in these two dynamic economic markets.”
B2B payments in Brazil have lagged behind in digitization, particularly for cross-border transactions – a complicated process for Brazilian companies.
Airwallex can now offer services to Brazilian businesses that include local accounts, card issuance and payment acquisition – as well as participation in the open finance ecosystem.
The demand for digital financial tools is increasing in Mexico, driven by the growing need for efficient cross-border payment solutions.
“Mexico plays a critical role in the global economy, serving as a key link between North and South America and an important hub for cross-border payments,” said Luis Castillejos Ordaz, CEO and founder, MexPago.
“We are proud to join Airwallex to enable seamless and secure cross-border transactions for businesses around the world.”
