Banco Santander’s payments fintech PagoNxt acquires tech partner MIT

PagoNxt has announced its acquisition of 70% of tech partner Mercadotecnia, Ideas y Tecnología (MIT). This deal will boost the expansion of PagoNxt’s merchant payments global franchise, Getnet, especially in Mexico, where Getnet and MIT have had a close relationship for over 15 years.

It will also turn Getnet into the payment platform with the highest number of functions in Mexico. Getnet will continue to develop new hi-tech solutions for card and digital payments to add value to large companies and SMEs. The global Getnet franchise will be able to export its capabilities in Mexico to other countries.

MIT was founded in 2004. It has over 35,000 customers and 125,000 retail locations that process 31 million payments a month. Its share of the merchant payments market in Mexico is 10%, and its products and services include points of sale (POS), e-commerce, smartphone payments, a call centre and direct debit. As technology and merchant payment service providers, MIT and Getnet Mexico’s value proposition in Mexico is both competitive and innovative.

Javier San Félix, chief operations officer of PagoNxt, said:

“The acquisition of MIT marks another step in our quest to make Getnet the go-to payments business in Latin America and Europe with the best and most well-rounded service for our clients on both sides of the Atlantic. Our aim is to help them grow their businesses with simpler and safer payments using the most advanced technology”.

Juan Carlos Viramontes, founder and CEO of MIT, said:

“PagoNxt’s acquisition of a 70% stake in MIT strengthens the value proposition we’ve been working on with Getnet in Mexico and is an opportunity for both parties to leverage MIT’s technology and services in other markets where Getnet’s global franchise operates”.

Getnet is part of PagoNxt, a new fintech that houses all of Santander’s payments businesses It will build on Santander’s 150 million customers (including four million SMEs) and 60 million active cards to boost growth in payments, with digital transactions expected to double between 2020 and 2025 to $10.5 trillion.

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