Airwallex has secured a payment institution license from the Banco Central do Brasil and acquired MexPago, a Mexico-based payment service provider with an IFPE license.

“Our infrastructure strategy is to connect diverse and strategically significant markets around the world,”

said Ravi Adusumilli, President of Americas at Airwallex.

“With licenses in Brazil and Mexico, we can help companies in Latin America expand and thrive across borders, while also helping businesses around the world operate more seamlessly in these two dynamic economic markets.”

While Brazil leads in payment digitisation, with PIX projected to account for 40% of online payments by 2026, its B2B payments remain less digitised, particularly for cross-border transactions.

Airwallex’s new payment institution license will allow it to offer Brazilian businesses services like local accounts, card issuing, payment acquiring, and participation in the open banking ecosystem.

Additional services, including Brazilian Reais bank accounts and payment methods like PIX and Boleto, are set for launch in 2025.

Mexico is experiencing rapid growth in digital financial tools, with 85% of SMEs planning to expand internationally and cross-border transactions making up 22% of its e-commerce activity.

As the fastest-growing market for cross-border payments in Latin America, with a CAGR of 44%, Mexico also holds a key trading relationship with the U.S.

“Mexico plays a pivotal role in the global economy, serving as a key link between North and South America and a critical hub for cross-border payments,”

said Luis Castillejos Ordaz, CEO and founder of MexPago.

Castillejos will now serve as Airwallex’s Country Manager for Mexico, focusing on operations, growth, and customer support.

Featured image credit: edited from freepik