LatAm paytech Kushki acquires Mexico’s Billpocket
Latin American payments solutions provider Kushki is nearing the completion of its deal to acquire a fellow paytech in Mexico, Billpocket.
Founded in 2012, Billpocket enables businesses to accept card payments. According to Crunchbase, it raised $6.8 million in Series A funding in 2019.
Currently one of every eight businesses that accept card payments in Mexico, uses Billpocket’s payment solutions. Its 170+ employees will remain as part of the company and will be part of a separate business unit inside Kushki, led by founder Alejandro Guízar.
For Kushki, this acquisition is “a key element” in its plan to have a threefold growth in the country in the coming months.
Aron Schwarzkopf, CEO and co-founder of Kushki, says the two firms “share a commitment to democratise payments in LatAm through new tech infrastructure”. He describes the deal as “a very natural fit” for both Kushki and Billpocket and expects “great things to come from it”.
The acquisition comes hot on the heels of Kushki’s latest funding round – Series B extension – that reeled in $100 million and a unicorn status.
Kushki was founded in 2017 and is based in Ecuador. It provides payment integration and processing services in five countries (Chile, Colombia, Ecuador, Mexico and Peru) and employs 750 people. Last year, it recorded a 200% growth in business.
The paytech views Mexico as “a key market”, as it’s the second largest economy in Latin America – with the country’s e-commerce sector expected to be worth $146 billion by 2025.