Puntored, the leading Colombian company in digital and alternative payment services, is expanding its reach to the Mexican market through the acquisition of a fintech called GestoPago, a Mexican startup that handles around 10 million monthly transactions and generates annual revenue of approximately US$ million dollars. This was announced by Andrés Albán, CEO of Puntored, exclusively to Valora Analitik.
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Andrés Albán, CEO of Puntored, highlighted that GestoPago complements Puntored well and shares a similar culture and strategy. The founder and main shareholder of GestoPago, Arturo Halgraves, will remain in charge of the company, ensuring access to this new market. The acquisition, financed by Puntored, will allow the Colombian company to consolidate its presence in Mexico and plan to expand the Puntored brand in the region in the long term.
The expansion strategy to Mexico is based on its lower rate of banked population compared to Colombia, where 92% of adults have access to a financial product. The acquisition is part of Puntored’s efforts to become a major player in alternative payment methods in the region.
The news comes at a time of growth for the Mexican fintech ecosystem, as according to the Finnovista Fintech Radar Mexico, while there were 512 fintech companies in 2021, by the end of 2022, the number had reached 650, representing an annualized increase at a rate of 26 percent.
Finnovista-Fintech Radar-Mexico-2023
Finnovista-Fintech Radar-Mexico-2023
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Why is it important for Mexican fintech startups?
- Fintech solutions can help close the gap between the banked and unbanked, promoting financial inclusion in Mexico.
- Given the growing use of the internet and smartphones in Mexico, fintech startups have the opportunity to leverage technology and contribute significantly to the burgeoning digital economy.
- This data can help refine the market entry and growth strategies for startups.
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For detailed information, visit: Valora Analitik
