Spanish banking group BBVA has acquired Mexican online payments startup Openpay for an undisclosed sum.
Openpay supports e-commerce, including on mobile devices, for large businesses and SMEs. The firm’s real time platform enables card, cash and loyalty-points payments and banks transfers in a single integration. The firm operates in Mexico through its own global network Paynet.
Openpay co-founders Roberto Bargagli, Eric Nunez and Heber Lazcano will continue to manage the company from offices in Queretaro.
BBVA head of customer solutions Derek White said: “This operation will allow us to remain at the cutting edge of payment systems. The operation will also bring numerous benefits for our customers.”
BBVA Bancomer general manager Eduardo Osuna said: “Openpay is the next logical step within BBVA Bancomer’s aim to offer innovative, user-friendly payments solutions. We are very happy to welcome the Openpay team onboard, and we are eager to start working with them.”
The recent acquisition is part of the bank’s ongoing efforts to accelerate transformation by expanding its digital portfolio. The bank bought Finnish online banking startup Holvi in March 2016 as part of this strategy.
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Last year, the bank acquired a 29.5% stake in British mobile-only bank Atom, and San Francisco-based user experience and design agency Spring Studio.