FEMSA, the Mexican retail conglomerate and bottler announced that it closed the acquisition of NetPay — a digital payment platform for micro, small, and medium-sized enterprises — as part of its plans to strengthen its participation in the financial and digital solutions segment.
In a statement sent to the Mexican Stock Exchange (BMV), the company said the deal was closed after Femsa received the corresponding regulatory approvals.
The agreement for the group’s acquisition of NetPay was announced in November 2022. FEMSA has owned minority shares in the fintech since 2019.
Helping Mexican small businesses become more profitable
On that occasion, José Antonio Fernández Garza Lagüera, CEO of FEMSA’s digital subsidiary, stated that “this acquisition will allow us to extend our value proposition to micro, small, and medium-sized enterprises, as well as independent entrepreneurs to strengthen and make their businesses more profitable.”
The conglomerate now has full control of the fintech’s shares. It plans to venture into Mexico’s remittance market, amplifying the integration of its digital business and creating an ecosystem that coordinates its Spin fintech, Oxxo’s rewards program, and its B2B business.
Founded in Mexico in 2012, NetPay provides a digital platform that enables merchants to accept credit and debit card payments, bank transfers, and other digital methods.
A vital move for FEMSA’s transformation
In addition to that, the company also offers transaction monitoring and analytics tools to help merchants manage and optimize their operations.
In recent months, the fintech has expanded its operations in several LatAm countries, including Colombia, Chile, Peru, and Brazil.
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FEMSA has bet big on the fintech sector and its ability to transform the payments industry.
The group operates more than 20,000 stores in Mexico under the Oxxo brand. But according to the company, 79% of transactions in these stores are still cash-based — making entering the fintech industry vital to the conglomerate’s digital transformation.