Brazilian fintech unicorn EBANX has unveiled plans to launch its cross-border payments solutions in five additional markets in Latin America.
As a part of this plan, will foray into Paraguay, Costa Rica, Panama, Dominican Republic and Guatemala.
The company, which was valued at over $1bn last year after the second round of investments, already has a presence in nine countries.
EBANX co-founder and COO Joao Del Valle said: “The Push LATAM initiative reflects our mission from the beginning of EBANX: to create access, to connect Latin Americans and global brands, always with a customer and product-driven mindset.
“Expanding our footprint and our solutions right now is the perfect realization of this goal.
“This will enable us to keep excelling in our commitment with Latin America: to be highly specialised in the region, translating each one of its countries and their singular cultures to businesses around the world.”
The company also announced plans to roll out its prepaid card EBANX GO, which offers a digital payments account in a partnership with Visa, to other markets in the region besides Brazil.
This is part of the company’s ‘Push LATAM’ initiative, which includes the expansion of its operations into new markets.
The Push LATAM initiative was announced at Latin America Summit.
Under this initiative, EBANX will begin rolling out EBANX GO cards in Panama, Costa Rica, Dominican Republic, Guatemala, and Paraguay within one year.
The company already operates in Brazil, Mexico, Colombia, Argentina, Chile, Peru, Uruguay, Bolivia, and Ecuador.
Additionally, EBANX will also launch a hybrid model, which combines cross-border and local payments processing services for merchants.
EBANX, through the Push LATAM initiative, aims to reach 100 million consumers in the region by 2021, from the current 70 million.
Earlier this month, EBANX expanded its operations in Colombia by integrating with digital wallet Nequi and cash-based payment method Efecty.