Visa (NYSE: V) completed the acquisition of YellowPepper, a Miami, FL-based fintech company with proprietary technology and partnerships supporting financial institutions and startups in Latin America and the Caribbean.
The amount of the deal was not disclosed.
Founded in 2004, YellowPepper is Latin America’s provider of innovative digital financial solutions. The company’s platform enables financial institutions to launch card and account agnostic real-time payments solutions, while providing value added services such as tokenization, identity validation and risk tools to deliver a complete transaction and service offering. Operating in 9 Latin American countries, the company currently serves 50 clients and 5 million monthly active users.
The acquisition aims to accelerate the adoption of Visa’s “network of networks” strategy to become a single point of access for initiating multiple transaction types and enabling the secure movement of money.
With a large set of APIs, YellowPepper’s proven brand-agnostic platform enables issuers, processors and governments to securely access multiple payment rails for many payment flows through one single connection.
The combination of both businesses should reduce issuers’ and processors’ costs and time to launch financial services. With YellowPepper, clients will be able to enable new use cases and expand Visa’s value added services, such as tokenization, identity validation, authentication and risk tools to deliver an integrated user experience. In addition, the acquisition will also facilitate an easier integration with Visa Direct, Visa’s real-time push payments platform, and Visa B2B Connect, Visa’s non-card-based cross-border B2B payment network.