US B2B payment platform TransNetwork acquired Uruguayan fintech Inswitch for an undisclosed amount. The acquisition was finalized on February 29.
With the acquisition, Inswitch can legally operate in the US. Following the transaction, Inswitch plans to expand in Latin American markets, including countries like Ecuador.
Inswitch’s embedded finance platform lets businesses offer payment solutions, e-wallets, digital banking, and credit cards through a single API.
“We are already working on 10 business opportunities with very important clients in the US. We were making efforts to obtain operating licenses until now, and with TransNetwork we no longer need permits, we can start working with their US clients right away,” said Ronald Alvarenga, CEO at Inswitch.
Founded in 2002, Inswitch processes approximately $13B annually, serving 100+ clients including companies like Despegar, PedidosYa, Itaú, and BBVA.
Read more on LatamFintech Hub
