Mexico’s FEMSA to purchase financial services NetPay in B2B fintech bid
5:29 pm Monday, November 07th, 2022
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)
