The “Openpay”, a payments Fintech startup based in Mexico that enables real-time payments for individuals, small businesses, and large enterprises has been owned by the largest financial institution in Mexico (BBVA Bancomer) through acquisition deal. The acquisition is driven after a joint venture pact between the bank and the Openpay which saw the bank benefit by increasing its range of online payments solutions.

“The cutting edge in payment mechanism is feasible through this operational advancement, this operation would also bring numerous benefits for our customers”, reports customer solutions chief Derek White at BBVA.

As a payment service provider, Openpay allows for card, cash and loyalty-points payments coupled with bank transfers over a single platform. The platform operates over paynet, a wide network of POS (point-of-sale) locations where cash payments for online purchases are also enabled.

Openpay co-founder Roberto Bargagli foresees the further partnerships and collaborations between banks and Fintech firms in the face of digitizing banking for faster, cheaper and more-efficient core operations.

This M&A deal signifies the BBVA’s vow 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.