Narayan AmmachchiEcuadorian tech unicorn Kushki acquired Mexican fintech Billpocket as part of a broader strategy designed to tap into Latin America’s growing demand for digital payment solutions.
Founded in Guadalajara over 10 years ago, Billpocket sells digital payment solutions to Mexican businesses, serving as an intermediary between banks and merchants.
With around 170 employees, the fintech delivers credit cards on behalf of banks. Billpocket will continue to serve under its own brand even after the transaction’s closing, with its founder Alejandro Guízar continuing to lead the operations.
“We’ll be able to work with even more partners across the region, contributing to the ever-growing Paytech ecosystem,” stated Guízar, Billpocket’s CEO, in a press release.
Qué mejor manera de seguir conectando Latam con pagos que hacerlo de la mano de @Billpocket 🤝#UnidosParaCrecerhttps://t.co/TpV5y0PS4W
— Kushki (@KushkiOficial) August 17, 2022
Kushki, which expanded operations to Mexico in early 2020, says the acquisition will unlock new opportunities, helping it grow three-fold in the next few months.
Thanks to the rising demand for digital payment services, Kushki’s revenue grew 200% in 2021, helping it gain unicorn status in June.
Aron Schwarzkopf, CEO and co-founder of Kushki, said he was impressed the day he met Alejandro Guízar, adding that Billpocket could be an ideal vehicle for democratizing e-payments throughout Latin America.
Latin America’s second-biggest economy, Mexico is seeing rapid growth in digital payments, with its e-commerce industry projected to reach US$146 billion by 2025.
Kushki says Mexico’s Internet coverage is also expanding with each passing day and that around 70% of the country’s population is using smartphones.
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