Santander’s PagoNxt acquires majority stake in Mexican technology firm MIT
PagoNxt, the payments fintech run by Banco Santander, has acquired a 70% stake in Mexican technology firm Mercadotecnia, Ideas y Tecnología (MIT).
The deal forms part of PagoNxt’s plans to expand the use of its proprietary payments franchise, Getnet, across Mexico and central America.
The firm says the deal will enhance Getnet to become the payments option with the greatest functionality in the region.
MIT, founded in 2004, has more than 35,000 customers and 125,000 retail partners. It claims to process more than 31 million payments a month.
Getnet, by comparison, has around 180,000 active retail locations and processed 468 million payments in 2020 – 39 million a month.
It is active in Brazil, Mexico, Chile, Argentina, and Uruguay and has also recently launched across Europe.
“The acquisition of MIT marks another step in our quest to make Getnet the go-to payments business in Latin America and Europe,” says Javier San Félix, PagoNxt COO.
Matías Núñez, head of payments at Santander México, says the combination “will pave the way for digital payments in Mexico”.