Spanish fintech PayRetailers acquired Argentinean software developer Asamblo in an apparent bid to gain wider access to technology talent across Latin America, where the fintech has operations in seven countries.
Founded in 2015, Asamblo offers custom software development and IT consulting, with its clients including the likes of Adidas, Visa, Walmart and Deloitte.
Buenos Aires-based Asamblo will soon be folded into PayRetailers, yet it will continue to develop tech solutions for other companies.
“The acquisition of Asamblo represents a great step since it reinforces our strategic commitment within the region and accompanies us in our mission to increase leadership in the development of mobile applications and digital solutions,” stated Juan Pablo Jutgla, CEO and founder of PayRetailers.
This is the third acquisition for Payretailers after Paygol and Pago Digital, companies specializing in local payment processing in Chile and Colombia.
This statistic forecasts the annual growth of the #retail sector in the emerging markets of #Argentina, #Peru and #Chile until 2025. By then, retail #sales in the Latin American region are expected to reach USD 2.35 trillion 📈#payretailers #latam #payments #ecommerce pic.twitter.com/ZCjQQ8j2W1
— PayRetailers (@PayRetailers) September 7, 2022
The Spanish firm expressed its optimism about fintech growth in Latin America and that it is on a mission to dominate the payment processing market.
Such a goal requires “software engineering and architecture professionals to create web and mobile applications, as well as experts in big data environments.”
As of December 2021, there were around 2,482 fintech companies in Latin America, representing 22.6% of the 11,000 fintech startups worldwide, according to the Inter-American Development Bank (IDB).