Payment technology company Kushki announced on Wednesday the acquisition of Billpocket , a Mexican financial services platform.
Although they did not disclose the amount of this operation, the firms said that they already have the approval of the competition regulator, Cofece.
With this acquisition, Kushki seeks to grow up to three times taking advantage of the fact that Mexico is the second largest economy in Latin America.
“With an e-commerce scenario expected to be worth $146 billion by 2025, it represents a key market for Kushki’s operation. This growth is fueled by the recent boom in digital payments, social changes brought about by the pandemic, sustained growth in internet penetration and high usage of smartphones,” the company said in a statement.
Kushki and Billpocket in Mexico
Kushki became a unicorn company three months ago, that is, it reached a valuation of more than 1,000 million dollars. With the purchase, the firm expects to triple its growth in the country in the coming months and plans to provide infrastructure to all players in the payment ecosystem.
Billpocket, founded in Guadalajara more than 10 years ago, will retain its more than 170 employees as part of a new business unit within Kushki.
Billpocket is known for being a means of payment, one of the first aggregators in the country and that seeks to extend its services in the era of electronic commerce.
