Fintech Unicorn Airwallex Signs Definitive Agreement to Acquire Mexico Payments Company MexPago

Company expands its U.S. presence with several senior leaders in San Francisco and reports more than 460% YOY revenue growth in Americas

SAN FRANCISCO, October 19, 2023 – Airwallex, a leading global payments and financial platform for modern businesses, today announced it has signed a definitive agreement to acquire MexPago, a Mexico-based payment service provider and an Institution of Electronic Payment Funds (IFPE) license-holder. The transaction is subject to regulatory approvals and customary closing conditions.

This acquisition will enable Airwallex to expand its financial infrastructure into Latin America and advance its mission to empower and support businesses to grow and operate across borders. It is an important part of Airwallex’s broader growth strategy in the Americas, where the company has seen more than 460% YOY revenue growth. 

Luis Castillejos Ordaz, CEO of MexPago, said, “Airwallex’s ability to connect companies across borders is unparalleled. The combination of MexPago’s payments capabilities in Mexico and Airwallex’s global financial infrastructure will unlock exciting opportunities for companies in Mexico to operate globally, and for companies around the world to operate in Mexico. I look forward to working closely with Airwallex to obtain the necessary approvals and to ensure a smooth transition of ownership.”

Ravi Adusumilli, Executive General Manager, Americas at Airwallex, said, “This is a critical milestone for Airwallex. It marks our entry into Latin America and our commitment to building truly global and proprietary financial infrastructure. Our team's ability to drive more than 460% revenue growth in the Americas region is a testament to the vast, unmet demand for end-to-end fintech solutions that allow organizations to operate at a global scale. With the acquisition of MexPago, we’re on a path to become the number one payments and financial platform for modern businesses to go global. We’re excited to welcome Luis and the MexPago team to the Airwallex family.” 

Prominent hires in San Francisco

Airwallex’s San Francisco office continues to serve as a strategic hub for the company’s growth in the region. Among the 80+ employees in the U.S., Airwallex announced the appointment of several senior leaders in San Francisco who are responsible for guiding Airwallex’s strategy at the global level and expansion in the region, including: 

• Somas Thyagaraja, Head of Product, Business Accounts

• Elliot Colquhoun, Vice President of Global Information Security and IT, has relocated to San Francisco from New Zealand

• Erin Batty, Director, Global Employee Communications

• Andy Luo, Director of Revenue Strategy, Americas

• Veena Bontu, Director of Global Product Marketing

• Lea Cademenos, Director of Corporate Affairs, Americas

Founded in Melbourne in 2015, Airwallex is headquartered in Singapore with 20 offices around the world. The company currently employs 1,400 people globally with plans to hire 500+ new teammates over the next year. 

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NOTES TO MEDIA

For further information

If you have any questions or would like to request further information, please contact [email protected]. 

About Airwallex

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. With our proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders. Proudly founded in Melbourne, Airwallex supports over 100,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN and many more. For more information, visit http://www.airwallex.com.

About MexPago

MexPago is a regulated Fintech company that enables merchants 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.