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Investing.com -- Argentine fintech startup tapi has purchased the bill payment and cash-handling operations of Mastercard (NYSE:MA)’s Arcus in Mexico as part of its strategy to expand in Latin America’s second-largest economy, according to Bloomberg.
Tapi, founded by Argentines but with its main operations in Mexico, provides payment processing services to banks and fintechs through a single integration system for recurring payments and cash transactions.
The acquisition gives tapi access to a network of cash-in and cash-out locations, including OXXO and 7-Eleven stores, while expanding its connectivity to billers across Mexico. Through Arcus’s payment network, tapi aims to increase digitization in a market where cash usage remains strong alongside growing fintech adoption.
The company did not reveal the financial terms of the deal but confirmed to Bloomberg it was an all-cash transaction. Tapi plans to fund the acquisition using a portion of the $32 million it has raised in total, combined with profits generated over the past three years.
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