San Francisco and Abu Dhabi-based global payment infrastructure provider Dapi has launched permission-based bank payment initiation and account data aggregation services in Mexico.
The latest move is claimed to make Dapi one of the first companies to offer integrated bank transfer payments in the Mexican fintech space. This will help firms accept money directly from customer bank accounts from within their app or websites.
It is also said to be the first company in Mexico to provide free account data aggregation services to firms that leverage the payment API to accept payments.
Dapi will provide payment initiation and account information services to Mexican fintech companies. It will allow companies to test its services within a sandbox environment prior to deployment.
The Mexico launch is said to be the first phase of the firm’s 2021 Latin America expansion.
Commenting on the development, Dapi co-founder and CEO Ahmed Agour said: “Over the last 6 months, Dapi has focused on making our payment infrastructure available to fintechs and enterprises globally with our expansion in the US and now Mexico.
“Fintech payment ecosystems are now being built on Dapi infrastructure in multiple regions. We can have the same impact in Mexico by enabling a wide range of in-app payment use-cases, including digital banks, digital wallets, P2P payment applications, crypto exchanges, custodians, and merchants.”
Agour also noted that Mexico is a considerable market of over 120 million people with a “vibrant fintech community and an amicable regulatory environment”.
He added: “We are delighted to be one of the first companies to provide permission-based payment initiation services in the country and look forward to being a responsible driver of the fintech ecosystem here.”
Dapi co-founder and CTO Hesham Ghandour commented: “Our infrastructure is now at a point where it can be rapidly and securely scaled across multiple markets. Mexico marks the first step in our plan to expand to the LatAm market through the rest of the year.”
Launched in late 2019, Dapi offers permission-based payment initiation and data aggregation services in ten countries, including Mexico, the US, the UAE, Saudi Arabia, Pakistan, Bahrain, Jordan, Kuwait, Egypt, and South Africa.
It is backed by Y Combinator, Pioneer Capital, Endure Capital, VentureSouq, Class 5 Global, and BECO Capital.
Last month, payments platform Lightspeed tapped unicorn fintech dLocal to allow small businesses to accept local payment options in Mexico.