Airwallex expands into Latin America with MexPago acquisition

Airwallex has signed an agreement to acquire MexPago, a Mexican paytech company.

This move enables Airwallex to expand its financial infrastructure into Latin America, aligning with its mission to empower businesses to grow and operate across borders.  

MexPago offers a unified platform for merchants to modernise payment processes. This deal signifies a significant step in Airwallex’s growth in the Americas, as the Australian fintech firm has seen remarkable year-on-year revenue growth of more than 460% in the region.  

Airwallex’s San Francisco office continues to play a pivotal role in the company’s regional expansion. In this regard, several key appointments have been made, including Somas Thyagaraja as the head of product for business accounts, Elliot Colquhoun as the vice president of global information security and IT, and Erin Batty as the director of global employee communications.  

Founded in Melbourne in 2015, Airwallex is headquartered in Singapore and boasts a global presence with 20 offices worldwide. The company currently employs 1,400 people globally, with plans to add more than 500 new team members in the coming year. 

Luis Castillejos Ordaz, chief executive officer of MexPago, emphasized the synergies created by combining MexPago’s payment capabilities in Mexico with Airwallex’s global financial infrastructure, offering exciting opportunities for Mexican companies to operate globally and facilitating global companies’ entry into Mexico. 

Ravi Adusumilli, executive general manager of the Americas at Airwallex, stressed the significance of this acquisition, marking Airwallex’s entry into Latin America and its commitment to establishing a comprehensive global financial infrastructure.  

Adusumilli said: “With the acquisition of MexPago, we’re on a path to become the number one payments and financial platform for modern businesses to go global.” 

Image: © ngampolthongsai via Canva

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.