Global fintech giant Airwallex said it has acquired MexPago, a rival payments company based out of Mexico, for an undisclosed sum.
The deal will help Airwallex, which is backed by the likes of Tencent and Li-Kashing, Hong Kong's richest man, expand in the Americas.
Jack Zhang, SumUp's CEO, said the company was looking at Mexico as something as a hedge as it deals with geopolitical and economic uncertainty going on between the U.S. and China. U.S.-China trade tensions have escalated in recent years, as Washington seeks to address what it sees as China's race to the bottom on trade.China has sought to address these concerns, agreeing to "substantially reduce" the U.S. trade deficit by committing to "significantly increases" its purchases of American goods, although it's
It has been a tough environment for fintech companies to operate in lately, given how interest rates have risen sharply. That has made it more costly for startup firms to raise capital from investors. Zhang is targeting $100 million of annual recurring revenue for the business within the next year or two. Once Airwallex reaches this point, he says, it will then look at a public listing.
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