Brazilian fintech Ebanx has acquired money transfer platform Remessa Online in a bid to expand its payment business in Latin America.

Ebanx will pay $229m (BRL 1.2bn) for the purchase, according to a Reuters report.

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Founded in 2016, São Paulo-headquartered Remessa has processed $5.2bn in remittances till date on behalf of 350,000 companies and individuals.

Ebanx, which processes payments for more than 35,000 companies, has a presence in other Latin American countries, including Colombia, Mexico, and Argentina.

The addition of Remessa’s remittance service is expected to help bolster the capabilities of Ebanx, which processes payments from clients of global websites.

EBANX co-founder and CEO João Del Valle said: “We are excited about the arrival of Remessa Online at this time in EBANX’s history.

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“We believe that the complementarity of operations will allow us to better serve EBANX customers in Latin America, while at the same time we will be able to accelerate and expand Remessa’s plans.”

Remessa Online founder and CEO Fernando Pavani added: “Everything that Remessa Online has built in these 5 years of history was focused on eliminating the barriers for customers who want to operate internationally, within a proposal that combines transparency, efficiency and understanding of their real needs, whether people or companies of different sizes.

“This is fully in line with our mission with EBANX, to continue transforming the business environment in Brazil and abroad.”

The deal follows a $430m strategic investment in Ebanx by private equity firm Advent International this June.

In October, Ebanx scooped up Juno to expand its Brazilian payment operations.

Last year, it announced the roll-out of its cross-border payments solutions in five additional Latin American markets.