Kushki Becomes First Non-Bank Acquirer for Latin American Businesses

Published 6 months ago

Latin American payment unicorn, Kushki, has secured regulatory approvals in Mexico, Chile, Peru, and Colombia, becoming the first non-bank regional acquirer for businesses across Latin America. The fintech company now holds primary membership with entities such as Visa and Mastercard in these countries, positioning it among the leading acquirers in the region in terms of coverage.

Shaking Up the Regional Payment Ecosystem

Until now, Latin American merchants and payment processing businesses have relied on one or more local acquirers per country, typically operated by monopolies established in the 90s. These acquirers have had little motivation to broaden access to the ecosystem or drive innovation in their infrastructure, according to a statement by Kushki.

After seven years since its inception, Kushki has received authorization from Latin American regulators, making it the first non-bank regional acquirer to be authorized to operate as a commercial acquirer. This development enables businesses wanting to be part of the regional payment ecosystem to connect and communicate directly with major payment networks and systems in Latin America offered by Kushki, without the need for additional intermediaries or third-party banking institutions.

Benefits Offered by Kushki

Kushki promises numerous benefits to its clients, including enhanced ease of technological integration, improved acceptance rates, increased fraud management mechanisms and systems, faster transactions, enhanced transaction processing stability and traceability, as well as a more personalized service.

“For a long time, we have believed that the future of acquiring is not only based on credit and debit cards but on a combination and integration of methods and experiences,” stated Aron Schwarzkopf, CEO and co-founder of Kushki.

Kushki’s Ongoing Expansion

This milestone comes after Kushki’s launch of a new business division last year, Kushki Global, which allows global customers to access Kushki’s payment technology from anywhere in the world, connecting with local alternative payment companies and platforms. Furthermore, in 2022, Kushki acquired financial services company Billpocket in Mexico.