Mexico’s FEMSA to purchase financial services NetPay in B2B fintech bid

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Published: Nov 7, 2022, 21:36 GMT+00:00

MEXICO CITY (Reuters) - Mexico's FEMSA has signed an agreement to purchase financial services company NetPay as the retailer and Coke bottler expands its digital payments portfolio into business-to-business transactions, the company said on Monday.

MEXICO CITY (Reuters) – Mexico’s FEMSA has signed an agreement to purchase financial services company NetPay as the retailer and Coke bottler expands its digital payments portfolio into business-to-business transactions, the company said on Monday.

“This acquisition will allow us to extend our value proposition to micro, small and medium-sized companies,” Digital@FEMSA Chief Executive Jose Antonio Fernandez said in a statement to Mexico’s main stock exchange.

FEMSA had purchased a minority stake in NetPay in 2019, it added, and hopes to complete the full purchase by the first quarter of 2023.

(Reporting by Kylie Madry; Editing by Christian Plumb)

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