CarroYa Expands Its Mobility Ecosystem with the USD $21 Million Acquisition of FacilPass

Mobility giant CarroYa acquires FacilPass, broadening its offerings to become a comprehensive solution for mobility transactions, from toll payments to fuel top-ups.
Facilpass-Carroya-Colombia Facilpass-Carroya-Colombia

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CarroYa, the innovative mobility ecosystem backed by Grupo Aval, has achieved another milestone by purchasing 100% of the shares of FacilPass, the electronic payment platform for tolls in Colombia. The acquisition, valued at USD $21 million, will enable users to request, recharge, and check the balances of toll tags, all through CarroYa’s mobile app.

According to Catalina Prieto, the general manager of CarroYa, integrating FacilPass into the company’s already extensive list of services will allow users to conduct all their mobility transactions in one place. “With the addition of FacilPass, our customers will also be able to make payments in public parking lots and, in the near future, at fuel stations,” Prieto said.

Despite the turbulence in the Latin American fintech sector, with a global decline in financing since 2021 due to macroeconomic events, CarroYa anticipates growth. The company expects that by the end of 2023, more than 10 million toll transactions will be processed through FacilPass and that this number will triple in the next five years.

State of Fintech Q2 2023. (Source: BC Insights)

The fintech ecosystem in Latin America has displayed significant resilience. Despite an overall decrease in funding, the region has attracted USD $500 million in investments in the second quarter of 2023, representing a 150% increase compared to the previous quarter.

The acquisition of FacilPass aligns with the growing participation of the middle class in the technological ecosystem, particularly in e-commerce and fintech, where USD $28,000 million has been invested in the region between 2020 and 2022.

With this acquisition, CarroYa aims to dominate the toll payment market and offer a comprehensive solution for all mobility needs of their customers, including vehicle financing and purchase, insurance, and assistance services.

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