Ecuadorian 'unicorn' Kushki buys finance service startup in Mexican expansion

·1 min read

MEXICO CITY, Aug 17 (Reuters) - Ecuadorian "unicorn" Kushki, an online payment platform servicing Latin America, will purchase Mexican startup Billpocket in a bid to triple its growth in Mexico over the next few months, Kushki said Wednesday.

Kushki, which expanded to Mexico in 2020, said the purchase of Billpocket and its handheld credit card terminals will complement its existing services.

The companies did not disclose the purchase price.

"Now, with our combined technology and experience, we will be able to work with more partners throughout the region, helping the paytech ecosystem to keep growing," said Billpocket founder and chief executive officer Alejandro Guizar in a statement.

Billpocket faces competition from Clip and MercadoLibre's MercadoPago unit, which have also launched handheld terminals in the country.

Kushki, which also operates in Peru, Colombia and Chile, nabbed the coveted unicorn status earlier this year after reaching a valuation of more than $1 billion.

The company said regulators had already signed off on its purchase of Billpocket. (Reporting by Kylie Madry; editing by Richard Pullin)