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Latin American payment solutions provider Kushki is nearing completion of a deal to acquire Billpocket, a similar paytech in Mexico.
Kushki Acquires Mexican Paytech Billpocket
Founded in 2012, Billpocket enables businesses to accept card payments. He raised $6.8 million in Series A funding in 2019, according to Crunchbase.
Today, 1 in 8 businesses accepting card payments in Mexico use Billpocket’s payment solutions. The 170+ employees will remain part of the company and will be part of a separate business unit within Kushki, led by founder Alejandro Guizar.
For Kushki, the acquisition is a “key element” in its plans to triple its growth in the country in the coming months.
Kushki CEO and co-founder Aron Schwarzkopf said the two companies “share a commitment to democratizing payments in Latin America through new technology infrastructure.” He described the deal as a “very natural fit” for both Kushki and Bill Pocket, and expects “something great to come out of it.”
The acquisition follows an extension of Kushki’s latest funding round, Series B, which has reached $100 million and unicorn status.
Kushki was founded in 2017 and is based in Ecuador. It provides payment integration and processing services in 5 countries (Chile, Colombia, Ecuador, Mexico and Peru) and employs 750 people. Last year, the company recorded his 200% growth in business.
Paytech sees Mexico as an important market. Mexico is her second largest economy in Latin America, and the country’s e-commerce sector is expected to be worth her $146 billion by 2025.
