Visa to Acquire Fintech Pioneer YellowPepper
World's leader in digital payments, Visa Inc. (NYSE: V) today announced it has agreed to acquire YellowPepper, a fintech pioneer with proprietary technology and partnerships supporting leading financial institutions and startups in Latin America and the Caribbean.
The acquisition of YellowPepper builds on a strategic partnership and investment Visa made in YellowPepper in May 2018. YellowPepper will facilitate an easier integration to Visa Direct, Visa's real-time push payments platform, Visa B2B Connect, Visa's non-card-based payment cross-border B2B network, and value added services. YellowPepper will continue to commercially provide its brand-agnostic solutions with CEO Serge Elkiner continuing to lead the YellowPepper team. The transaction is subject to regulatory approvals and other customary closing conditions. The transaction is expected to close in the next several weeks.
The acquisition of YellowPepper will accelerate the adoption of Visa's“network of networks" strategy by significantly reducing the time-to-market and cost for issuers and processors associated with accessing innovative and interoperable solutions, regardless of who owns or operates the payment rails.
“We are extremely excited about our acquisition of YellowPepper and how it enhances the growth trajectory of our business in Latin America and the Caribbean. The acquisition will accelerate Visa's ability to create innovative and accessible digital payment solutions that empower consumers and businesses, allowing them to thrive socially and economically,” said Eduardo Coello, Regional President for Visa Latin America and the Caribbean.
“YellowPepper's unique technology platform is modern, interoperable, secure and scalable,” said Serge Elkiner, CEO & Founder of YellowPepper. “Paired together, Visa and YellowPepper can deliver enhanced payment capabilities, providing profound value-added services for issuers, governments and processors in the region. " he added.
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