Visa has completed the acquisition of YellowPepper, a fintech firm operating in Latin America (LATAM) and the Caribbean, supporting financial institutions and startups.

Visa brokered the deal to purchase YellowPepper last month. The financial terms of the deal were not disclosed, and it follows Visa’s strategic investment in YellowPepper back in May 2018.

The acquisition is in line with Visa’s ‘network of networks’ strategy to become a single point of access for conducting various types of transactions.

YellowPepper, through its APIs, allows card issuers, payment processors, and governments to access multiple payment networks for several payment flows.

The acquired venture is domiciled in Miami and operates in nine LATAM countries.  It currently serves 50 clients and five million monthly active users.

Visa and YellowPepper’s combination is expected to reduce costs and time-to-market for card issuers and payment processors.

Clients using YellowPepper’s platform will be able to deliver an integrated user experience with Visa’s tokenisation, identity validation, authentication and risk tools.

Additionally, YellowPepper will also integrate with Visa’s real-time push payments platform Visa Direct, and Visa’s non-card-based cross-border B2B payment network Visa B2B Connect.

Visa Latin America and the Caribbean Regional President Eduardo Coello said: “Bringing YellowPepper into the Visa family will help us build on our ‘network of networks’ strategy, by combining Visa’s proven technology, processing and security capabilities with the complementary solutions of YellowPepper, to ultimately help support the current and future needs of governments, banks and consumers around the world.”

Recently, Visa’s rival Mastercard completed its planned acquisition of Utah-based financial data aggregation service provider Finicity.