Uruguayan fintech Inswitch has been acquired by U.S.-based TransNetwork, a B2B payment infrastructure platform for instant money transfers in Latin America. The deal, finalized on February 29, involved a multi-million dollar transaction, according to Inswitch CEO Ronald Alvarenga, who described it as one of the market’s most significant.

Alvarenga confirmed that Inswitch will retain its name, team, and offices, while leveraging the acquisition to accelerate growth in Latin America and enter the U.S. market. The company is already exploring ten business opportunities with major U.S. clients, facilitated by TransNetwork’s established legal permissions.

This acquisition merges TransNetwork’s payment network with Inswitch’s instant money transfer capabilities, aiming to boost cross-border payment operations in Latin America. Inswitch, which focuses on e-wallets, digital payments, and card issuance, serves about 100 clients across Latin America and the Caribbean. It processes approximately USD 13 billion annually through its platform and has offices in Mexico, Brazil, Colombia, Peru, Chile, Argentina, Uruguay, Guatemala, and El Salvador.

The new capital will primarily enhance Inswitch’s commercial, marketing, and product areas. The company plans to expand its workforce by adding 35 to 45 professionals this year. Currently, Inswitch employs 135 people, with 70% based in Uruguay, where the main development team is located. Alvarenga anticipates a 30% increase in the Uruguayan team.

The relationship between Inswitch and TransNetwork began in October 2022 at an event in Las Vegas, initially exploring collaborative opportunities. Within a few months, they identified significant potential for joint ventures. As Inswitch was raising capital to expand financial services in Latin America, the cultural alignment and strategic fit with TransNetwork led to the acquisition decision.