Mastercard has acquired Arcus FI, an alum of the company’s Start Path program. The acquisition aims to support the Mastercard’s delivery of bill pay solutions and other real-time payment applications across Latin America.
Arcus has offices in New York and Mexico City which will enable pay and cash-in, cash-out services for some of the biggest billers, retailers, fintechs and traditional financial institutions in the US and Mexico, with expansion into Latin America. The company’s flagship solution, the Arcus Pay Network, is connected to large retailers and billers in Mexico.
Laura Cruz, division president for Mexico and Central America at Mastercard, said:
The past year has shown how critical digital solutions are for people and businesses across the region. With the addition of the Arcus team, we will enhance existing payment experiences and create new opportunities to address every day needs by connecting more people to the digital economy.
Arcus’ platform was recently approved for payment processing, settlement and reconciliation via Mexico’s real-time Interbank Electronic Payment System (Sistema de Pagos Electrónicos Interbancarios or SPEI).
Edrizio de la Cruz and I began this company to help immigrants like us have a proper way to track our finances and send money home. For nearly a decade, we have grown from those aspirations to help pave the way toward greater financial inclusion in Latin America. We’ve tapped into some of the region’s brightest minds, and built a world-class team alongside Marc Sacal, who has helped us expand beyond those initial cross-border payments to give people a greater control of their financial lives. Now, becoming part of the Mastercard family and a direct participant in the SPEI network expands what we can deliver to our customers.
Mastercard will benefit from Arcus’ technology, network and customer relationships and use them to accelerate the introduction of Mastercard Bill Pay to Latin America. Arcus’ clients issue household bills in Mexico and provide connection to a wide range of payment options via banks, fintechs and digital wallet providers. This same network will provide the channel for a broader suite of financial services.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.