Minsait Buys Ecuadorian Payments Platform Credimatic

Minsait Payments, an arm of the global consultancy Indra, has acquired the Ecuadorian payments provider Credimatic.

The Madrid company says Credimatic brings with it services such as such as interoperability and payment acquisition, while also being aligned with Minsait’s focus on the integration of payment methods.

“The acquisition of Credimatic will enable Minsait Payments to consolidate its leadership in the payment method industry in Latin America, which constitutes one of the pillars of Minsait’s growth,” Indra CEO Cristina Ruiz said Monday (Jan. 17).

“This deal will allow us to enter Ecuador, one of the few countries in the region where our presence is limited, and promote our highly innovative payment solutions and the new Open Banking services,” Ruiz said.

Minsait Payments has operations in Spain and Chile to provide service to Europe and Latin America, respectively. By integrating Credimatic’s operations, the company will allow customers to boost their businesses while complying with payment industry standards.

“The technological capabilities of the Minsait Payments platform, together with the outflow of Credimatic’s capital from the banks, will generate growth opportunities for the company, as some of the leading financial institutions in the region have shown an interest in becoming customers of the new project, while the possibility of new payment businesses is opened up for current ones,” said Borja Ochoa, Indra’s managing director.

Minsait says the acquisition is the latest in a series of acquisitions in Latin America designed to boost its presence in the region. A few weeks ago, the company signed a binding agreement to purchase Chilean firm Nexus, “thus becoming the main technological partner of the country’s largest financial institutions for payment processing.”

Read more: Latin America’s Embrace of eCommerce, Digital Payments Marks Cultural Shift

As PYMNTS noted last month, the adoption of digital payments is rapidly growing in Latin America. While that part of the world is still behind many other regions in terms of people who have access to modern banking services, the gulf is narrowing.

For example, a study by PYMNTS, conducted in conjunction with digital payment platform Kushki, found that in one five-month period last year, a little more than 40 million consumers became banked for the first time.