Airwallex expands into LATAM with Payment Institution License

By Gloria Mathias

Airwallex has announced numerous milestones in its global expansion strategy: securing a payment institution license from the Banco Central do Brasil and finalising the acquisition of MexPago, a Mexico-based payment service provider and an Institution of Electronic Payment Funds (IFPE) license-holder.

With these two licenses secured, Airwallex will link its global financial infrastructure to Latin America’s two largest economies, supporting companies in Brazil and Mexico and facilitating international businesses’ entry into the region.

“Our infrastructure strategy is to connect diverse and strategically significant markets around the world,” said Ravi Adusumilli, President, Americas at Airwallex. “With licenses in Brazil and Mexico, we can help companies in Latin America to expand and thrive across borders while also helping businesses around the world to operate more seamlessly in these two dynamic economic markets.”

To tap into Brazil’s B2B payment opportunity, Airwallex has obtained a payment institution license to offer services to Brazilian businesses, including local accounts, card issuing, and payment acquisition, as well as participation in the open banking ecosystem in Brazil. Airwallex plans to launch additional services for global customers in 2025, including access to a bank account in Brazilian Reais with a unique identification number and payment and collection methods like PIX and Boleto.

“Mexico plays a pivotal role in the global economy, serving as a key link between North and South America and a critical hub for cross-border payments,” said Luis Castillejos Ordaz, CEO and founder of MexPago. “We’re proud to join forces with Airwallex to enable seamless and secure cross-border transactions for businesses worldwide. MexPago’s domestic capabilities, combined with Airwallex’s global reach, will deliver even greater value to our shared customers. Together, we will unlock borderless opportunities for businesses here in Latin America and around the world.”

Castillejos will become the country manager for Airwallex in Mexico. In this role, he will manage operations, drive growth, and help Airwallex’s existing and prospective customers navigate entry into the country.

The expansion into Brazil and Mexico adds to Airwallex’s existing licenses in major markets worldwide, including Australia, the European single market, Canada, Malaysia, Hong Kong, New Zealand, Singapore, mainland China, the United Kingdom, and the United States.