Kushki was born with a clear goal: to connect Latin America through digital payments, it is achieving it and more than that, now the firm will not only connect the region, but will also allow global payment companies and customers of large companies participate locally in the region, through its new Kushki World division.
“World Kushi is aimed at other payment providers that operate outside of Latin America, but have payment processing volumes in the region, and so Kushki now becomes a one stop shop for all of Latam,” Sebastián Castro, president, said in an interview. and co-founder of Kushki.
This new division will allow companies based outside of the region to access the Latin American payment solutions offered by Kushki, thus obtaining better authorization rates, as well as giving them access to local alternative payment methods.
In its statement, the firm notes that the proprietary platform alleviates the difficulty of cross-border payments, allowing for more timely settlement of funds and additional revenue generation reaching new markets.
“And above all, we take away the gigantic headache of integrating locally with the means of payment, all our markets are complex in that sense, due to regulatory issues or archaic technology,” Castro commented.
This operation comes amid the increased adoption of digital payments in the region, especially after the COVID-19 pandemic. In emerging countries, the percentage of adults who have made or received digital payments is estimated to have grown from 35% in 2014 to 57% in 2021, according to the World Bank, which has increased the interest of international players in regions such as Latin America.
“Kushki Mundial will be a key component of the company’s strategy to continue its rapid growth path achieved in recent years,” says the company, which in June became Ecuador’s first unicorn by achieving a valuation of more than 1,000 million dollars during its series B round for 186 million dollars.