BBVA acquires Mexican fintech startup Openpay

Multinational Spanish banking group BBVA has announced the acquisition of Mexican fintech startup Openpay, offers a broad range of advanced online payments solutions and functionalities.

Founded in 2013, Openpay is a payment service provider (PSP) that facilitates e-commerce, including on mobile devices, for large businesses and SMEs. It combines a cutting-edge, real-time platform that allows users to make card, cash and loyalty-points payments and banks transfers in a single integration. The Openpay platform also uses advanced tools to prevent fraud. The company operates in Mexico through Paynet, its own global network consisting of over 12,000 associated points-of-sale, which also allows cash payments for online purchases.

“This operation will allow us to remain at the cutting edge of payment systems. The operation will also bring numerous benefits for our customers”, Derek White , Head of Customer Solutions BBVA, said (loosely translated).

With this operation, BBVA Bancomer, which is already collaborating with Openpay, increases its range of online payments solutions, while allowing Openpay to strengthen its commercial firepower by joining forces with Mexico’s largest bank, the release said.

“Openpay is the next logical step within BBVA Bancomer’s aim to offer innovative, user-friendly payments solutions. We are very happy to welcome the Openpay team onboard, and we are eager to start working with them”, Eduardo Osuna Osuna, vice president and general manager of BBVA Bancomer, said.

The terms of the deal have not been disclosed. According to the official announcement, Co-founders Roberto Bargagli, Eric Núñez and Héber Lazcano will continue to manage their team from Openpay’s offices in the state of Querétaro.

“This acquisition shows BBVA’s commitment to digital transformation and it is an example of how fintech firms and banks are going to revolutionize the global ecosystem together. We will work with tremendous enthusiasm to take advantage of this huge potential”, Roberto Bargagli, cofounder of Openpay, said.

BBVA said that acquisitions and investments play a key role in its strategy. Earlier in March, it bought Finnish startup Holvi. Last, BBVA acquired a strategic stake in Atom, the first exclusively mobile bank in the UK, and completed the purchase of Spring Studio. In 2014, it acquired big data services startup Madiva Solutions. In addition, BBVA is also an investor in the venture capital firm Propel.