Airwallex Expands Rapidly In Latin America With Mexpago Acquisition

Airwallex shared several milestones in its global expansion strategy, including finalizing the acquisition of MexPago, a Mexico-based payment service provider and an Institution of Electronic Payment Funds (IFPE) license-holder. Additionally, Airwallex secured a payment institution license from the Banco Central do Brasil.

With these two licenses now in place, Airwallex will connect its global financial infrastructure to the two largest economies in Latin America. This will enable support for companies in Brazil and Mexico. Additionally, it will facilitate the entry of international businesses into the region.

Airwallex Expands In Brazil And Mexico To Boost Cross-Border Payment Solutions

Ravi Adusumilli, President of Americas at Airwallex, said that the company’s infrastructure strategy is to connect diverse and strategically important markets globally.

He added that with licenses in Brazil and Mexico, Airwallex can help companies in Latin America grow and succeed across borders. He also mentioned that the company will assist businesses worldwide in operating more smoothly in these two dynamic economies.

Brazilian consumers have led the way in payment digitization – with Brazil’s instant payment network, PIX, expected to account for an estimated 40 percent of online payments in Brazil by 2026. However, B2B payments in Brazil have struggled with digitization, especially for cross-border transactions, which remains a challenging process for Brazilian businesses.

To seize the opportunity in Brazil’s B2B payments, Airwallex has obtained a payment institution license to provide services to Brazilian businesses, including local accounts, card issuing, and payment acquiring, as well as involvement in Brazil’s open banking ecosystem.

Airwallex plans to launch additional services for global customers in 2025, such as access to a bank account in Brazilian Reais with a unique identification number, along with payment and collection methods like PIX and Boleto.

The demand for digital financial tools is surging in Mexico, driven by the growing need for efficient cross-border payment solutions. Around 85 percent of SMEs in Mexico expect to expand their international business activities, and cross-border transactions already account for 22 percent of the country’s e-commerce activity.

Airwallex And MexPago Partner To Boost Cross-Border Payments In Latin America

Mexico stands out as the fastest-growing market for cross-border transactions in the region, with a CAGR of 44 percent. This growth is fueled by Mexico’s increasing importance as a strategic trading partner to the U.S., recently surpassing China to become the top exporter of goods to the U.S. for the first time in two decades.

Luis Castillejos Ordaz, Chief Executive Officer and founder of MexPago, said that Mexico plays a crucial role in the global economy, acting as a key link between North and South America. He added that Mexico is a critical hub for cross-border payments.

He added that MexPago was proud to join forces with Airwallex to enable seamless and secure cross-border transactions for businesses worldwide.

Castillejos also mentioned that MexPago’s domestic capabilities, combined with Airwallex’s global reach, would offer even greater value to their shared customers. He concluded that together, they would unlock borderless opportunities for businesses in Latin America and globally.

Castillejos will take on a new role as Country Manager for Airwallex, Mexico, where he will oversee operations, drive growth, and assist Airwallex’s existing and prospective customers in navigating entry into Mexico.

The expansion into Brazil and Mexico adds to Airwallex’s existing licenses across major markets globally, including Australia, the European single market, Canada, Malaysia, Hong Kong, New Zealand, Singapore, mainland China, the United Kingdom, and the United States.

Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spend management to embedded finance.

Airwallex stated that with its proprietary infrastructure, it removes friction from global payments and financial operations, enabling businesses of all sizes to unlock new opportunities and grow beyond borders.

The company proudly mentioned that it was founded in Melbourne and now supports over 150,000 businesses globally, including trusted brands such as Brex, Rippling, Navan, Qantas, SHEIN, and many others.

MexPago is a regulated Fintech company that enables businesses to modernize the way to make and receive all types of payments on one integrated payment platform in Mexico.

From receiving payments with major card networks like Visa, MasterCard, and American Express, to SPEI interbank transfers for online or physical stores, MexPago’s clients can receive payments for the sale of their products or services, and make payouts to suppliers and employees, all on a single platform.