Spanish second largest bank BBVA acquires Mexican B2B payments platform Openpay

25 April 2017

BBVAA multinational Spanish banking group Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) becomes an owner of Mexican payment gateway Openpay, that has established a chain of over 15,000 payment reception locations across Mexico, managing more than 1 million transactions every month. Openpay is a platform for B2B payments joined by over 1000 businesses in Mexico, from new players and SMEs to large companies.

Two years ago Openpay was among the finalists in the Open Talent competition arranged by BBVA involving about 200 experts and 652 projects presented by 63 countries. Through the acquisition deal Openpay believes it will increase the number of its transactions to reach over 3 million by the year end.

It is one of the latest acquisitions within the framework of BBVA’s global expansion. Its previous deals in the fintech sector included Finnish banking startup Holvi and neo-bank Simple. Spokesperson for BBVA notes that Openpay is an outstanding innovator in the financial sector of Latin America, brining online business functionality for many companies. The acquisition is viewed by BBVA as an opportunity to boost the growth of electronic commerce.

BBVA is the second largest bank in Spain with the number of its clients as of 2015 totaling 14.8 million. Its total assets account for €750.07 billion and net income €2.642 billion according to the data for 2015.

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