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April 25, 2017updated 18 May 2017 10:57am

BBVA completes acquisition of Mexican payments startup Openpay

By Douglas Blakey

Spanish banking group BBVA has completed the acquisition of Mexican online payments firm Openpay for an undisclosed sum.

Openpay processes non-present credit or debit cards, accepts cash payments through its Paynet web of 15,000 points across Mexico, supports bank transfers and payments with loyalty points.

The deal, announced in December 2016, will not lead to operating changes or fee changes for existing Openpay customers.

BBVA general manager for new digital business Teppo Paavola said: “Openpay is one of the principal innovators in Latin America in payments. Its development platform transforms the manner in which companies can do business online. By leveraging the synergies between Openpay and BBVA Bancomer, we hope to contribute to the growth of electronic commerce.”

The recent purchase forms part of BBVA’s ongoing efforts to accelerate digital transformation.  As part of this strategy, the bank acquired Finnish online banking startup Holvi in March 2016, a 29.5% stake in British mobile-only bank Atom in November 2015, and San Francisco-based user experience and design agency Spring Studio in April 2015. In 2014, BBVA snapped up big data and cloud computing services startup Madiva Soluciones, and tech firm Simple.

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