Airwallex expands to Brazil, Mexico

It finalized the acquisition of MexPago and obtained a license in Brazil.

Airwallex has secured a payment institution license from the Banco Central do Brasil and finalised the acquisition of Mexico-based payment service provider MexPago.

The Australia-based financial technology (fintech) company plans to link its financial infrastructure to the two Latin American economies, with the aim of facilitating businesses’ entry into the region.

“With licenses in Brazil and Mexico, we can help companies in Latin America to expand and thrive across borders, whilst also helping businesses around the world to operate more seamlessly in these two dynamic economic markets,” said Ravi Adusumilli, president, Americas at Airwallex.

Airwallex’s payment institution license in Brazil enables it to offer local accounts, card issuing, and payment acquiring services to Brazilian businesses.

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

Meanwhile, Airwallex’s acquisition of MexPago comes amidst 85% of small and medium enterprises (SMEs) in Mexico anticipating expansion of their international business activities.

Mexpago CEO and founder Luis Castillejos Ordaz will take on the role of country manager for Airwallex Mexico.

Prior to Brazil and Mexico, Airwallex is already operating in Australia, Europe, Canada, Malaysia, Hong Kong, New Zealand, Singapore, mainland China, the United Kingdom and the United States of America.