The Mexican retail, logistics, and distribution business Fomento Económico Mexicano (FEMSA) has agreed to buy merchant aggregator NetPay as part of its goal to establish a comprehensive and omnichannel range of financial and digital services.
According to a news statement published by FEMSA on Monday, NetPay will contribute to the B2B portion of this portfolio by continuing to deliver payment services and solutions to independent entrepreneurs, micro-companies, and small- to medium-sized enterprises (SMBs) throughout Mexico.
“With NetPay, Digital@FEMSA advances in its goal of transforming the relationship between Mexicans and their money, such as how they manage their income, send money to friends, family, or suppliers, receive payments from customers, and benefit from dependable and efficient transactions,” Digital@FEMSA CEO Jose Antonio Fernández Garza Lagüera said in a statement.
The acquisition is scheduled to conclude in the first quarter of 2023, subject to closing conditions and government clearances. FEMSA purchased a minority stake in NetPay in 2019 and plans to eventually own 100% of the company.
“For more than 130 years, FEMSA has helped small businesses earn more by expanding their product offerings with our beverage portfolio or providing convenient access to financial services through our proximity stores,” Lagüera said in a statement.
“Today, we take a significant step toward assisting these small business owners in expanding their payment options, allowing them to attract and retain more clients.”
