Expansion Plans Discussed by UniTeller CEO Alberto Guerra: Focus on Global Growth and Future Endeavors
UniTeller, a Latin America-focused company, has announced the acquisition of MORE Payment Evolution in a strategic move aimed at strengthening its position in the global payments industry. The acquisition was confirmed in August 2024, following an initial announcement in November 2023.
The acquisition enhances UniTeller's capabilities in consumer remittances, B2B solutions, and its B2B2X-focused network business. It also expands UniTeller's geographical reach to markets across Europe and Africa, in addition to its existing presence in Latin America.
Alberto Guerra, CEO of UniTeller, shared insights on the acquisition and the company's future strategies. He highlighted key opportunities in simplifying and streamlining international remittances, particularly between Singapore and China, which are significant corridors for small-to-medium enterprises seeking cost-effective payment solutions.
The acquisition also focuses on expanding global payment networks and innovation by integrating MORE Payment Evolution’s technology and services. This move enables UniTeller to offer more comprehensive payment solutions worldwide. Additionally, capitalizing on growth potential in cross-border payments, where improving speed, reliability, and cost-efficiency is critical for competitiveness in the fintech payments sector, is another key area of focus post-acquisition.
The acquisition of MORE Payment Evolution may open up new opportunities for UniTeller in the field of cross-border payments. The company aims to alter its corridor mix, potentially expanding to new markets. This strategic move has been significant enough to be mentioned in Banorte's latest earnings, with the resulting larger fund transfer dynamics cited as a key driver of an uplift in income from fees in Q3 2024.
Post-acquisition, UniTeller now serves more than 120 countries, up from 84 in 2023, and the company's send volume has increased from $14bn to $17bn. Consumer digital capabilities are a key area of expansion for UniTeller following the acquisition.
While the exact detailed strategic objectives and operational plans post-acquisition have not been explicitly detailed in the available sources, the overarching theme is leveraging the acquisition to create a more unified and innovative payment ecosystem focused on cross-border remittances and global payment facilitation.
[1] Source: UniTeller Press Release, August 2024. [1] Source: Banorte Earnings Report, Q3 2024.
- The acquisition of MORE Payment Evolution allows UniTeller to integrate technology and services from the acquired company, providing more comprehensive payment solutions in the fields of finance, business, and technology.
- With the acquisition, UniTeller is expanding its geographical reach to Europe and Africa, enhancing its position in the global payments industry, while also focusing on streamlining international remittances, particularly in significant corridors like Singapore and China.
