Spanish Banking Group BBVA Acquires Fintech Startup Openpay

Spanish banking group, BBVA, recently announced it has acquired, Openpay, a fintech startup and payment service provider (PSP) that facilitates e-commerce, including on mobile devices, for large businesses and SMEs. 

According to BBVA, Openpay combines a cutting-edge, real-time platform that allows users to make card, cash and loyalty points payments and banks transfers in a single integration. It also uses advanced tools to prevent fraud. The company operates in Mexico through Paynet, its own global network that consists of more than 12,000 associated point-of-sale, which also allows cash payments for online purchases.

HandshakeSpeaking about BBVA’s acquisition of Openpay, Derek White, Head of Customer Solutions of BBVA, stated:

“This operation will allow us to remain at the cutting edge of payment systems. The operation will also bring numerous benefits for our customers.”

BBVA Bancomer General Manager, Eduardo Osuna, also commented:

“Openpay is the next logical step within BBVA Bancomer’s aim to offer innovative, user-friendly payments solutions. We are very happy to welcome the Openpay team onboard, and we are eager to start working with them.”

Openpay co-founder, Roberto Bargagli, added:

“This acquisition shows BBVA’s commitment to digital transformation and it is an example of how fintech firms and banks are going to revolutionize the global ecosystem together. We will work with tremendous enthusiasm to take advantage of this huge potential.”

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