Mastercard has acquired Arcus FI, a graduate of its Start Path programme for scaling startups.
The New York and Mexico City, USA-based fintech will help Mastercard support the delivery of bill pay solutions and other real-time payment applications across Latin America.
The Arcus platform, which recently received approval to enable payment processing, settlement and reconciliation via Mexico’s real-time interbank electronic payment system, supports fast and easy access to deposits, withdrawals, and payment services.
The fintech has an established user base of billers, retailers, fintechs and traditional financial institutions in Mexico, the US and Latin America, with further expansion planned.
Mastercard says its technology, network and customer relationships will help accelerate the introduction of Mastercard Bill Pay to Latin America.
Its existing customers issue the majority of household bills in Mexico and provide connection to a wide range of payment options via banks, fintechs and digital wallet providers. This same connectivity will serve as the delivery channel for a broader suite of financial services from Mastercard.
Laura Cruz, division president for Mexico and Central America at Mastercard, says the past year “has shown how critical digital solutions are for people and businesses” across Latin America.
Mastercard’s acquisition of Arcus will enable the company to “enhance existing payment experiences and create new opportunities to address every day needs by connecting more people to the digital economy”.