MEXICO CITY : Brazilian fintech Ebanx expects to double its business in the Mexican market for a second year in a row in 2022 as it pushes further into Latin America's No. 2 economy, the company's co-founder told Reuters.
Ebanx, backed by U.S. private equity firm Advent International, sees Mexico as its second most important market after starting operations there in 2015. Unlike in Brazil, where about five major marketplaces dominate the retail sector, Del Valle said Mexico's landscape is more competitive. Last month, Ebanx announced it acquired international money transfer firm Remessa Online for US$229 million. Last year, Advent International paid US$430 million for a minority stake in Ebanx.