EBANX to expand operations in Mexico

EBANX, is establishing its first office in Mexico City and introducing a portfolio of tools to help Mexican businesses provide distinctive payment experiences to their customers throughout the country.

FREMONT, CA: EBANX, a Latin American payments startup, is expanding its presence in Mexico by building its first office in Mexico City and launching a suite of products to assist Mexican businesses to deliver unique payment experiences to their clients in the country. The solutions include credit and debit cards, instalments, OXXO and OXXOPay, and digital wallets like Mercado Pago. The launch of these local solutions and the opening of the new office is part of the strategy for continuing expansion in Mexico, a country where e-commerce is one of the most vibrant and relevant sectors. With these new initiatives, the experts are trying to position themselves as the right strategic partner to assist e-merchants in Mexico and other Latin American markets.

EBANX believes that providing more payment options to Mexican consumers are likely to help the country's non-banking sector. The Association of Mexican Banks predicts that by 2020, 53 percent of Mexican adults would not have a bank account. Simultaneously, the study also reveals that up to 60 percent of the e-commerce in Mexico is handled using payment methods ranging from digital wallets and cash vouchers rather than debit and cards. EBANX assumes that by enabling more merchants in Mexico to handle both cash-based transactions and the methods used in digital commerce, it can aid merchants in doubling their reach and sales potential, as well as expand their total addressable market faster.

EBANX, based in Curitiba, Brazil, was founded in 2012 and has been in the Mexican market since 2015. The number of transactions completed in Mexico increased by 115 percent last year. EBANX's biggest customers in the country are Hibobi, SHEIN, Shopee, and Wish.  The decision by Canadian fintech FundThrough to acquire rival BlueVine’s invoice factoring business was reported earlier this week. Later, another significant acquisition occurred in the fintech space in the Americas: Ita Unibanco- a Brazilian bank announced to acquire Ideal- a cloud-based brokerage startup in Brazil.