Mexican retail company FEMSA, via its subsidiaries, has reached an agreement to acquire NetPay, a merchant aggregator offering payment solutions to businesses across Mexico.

The deal follows the Mexican retailer’s acquisition of a minority equity stake in NetPay in 2019.

The latest agreement with the payment service firm’s majority shareholders involves purchase of all remaining outstanding shares of the company.

The transaction is expected to support FEMSA’s technology innovation division Digital@FEMSA in developing an omnichannel portfolio featuring various financial and digital services.

NetPay, which caters to micro, small and medium-sized businesses, will function as a fundamental part of the portfolio’s business-to-business (B2B) section.    

The payment services firm is also expected to complement the portfolio’s main elements including Spin by OXXO wallet and OXXO Premia’s loyalty strategy.

The transaction is likely to be completed in the first quarter of 2023 following necessary government clearances.

Digital@FEMSA CEO Jose Antonio Fernández Garza Lagüera said: “With NetPay, Digital@FEMSA advances in its objective of transforming the relationship between the people of Mexico and their money.

“This acquisition will allow us to extend our value proposition to micro, small and medium-sized businesses, as well as to independent entrepreneurs to strengthen their operations and increase their profitability.

“For over 130 years FEMSA has supported small businesses to earn more, whether expanding their product assortment with our beverage portfolio, or offering convenient access to financial services through our proximity stores.

“Today, we take a step forward to help these small business owners broaden their payment solutions, allowing them in turn to attract and retain more customers.”