Digital bank Zenus Bank has acquired Financial Urban Exchange (FUEX Payments), a fintech specialising in real-time payments for the Caribbean and Latin American markets.
The acquisition will enable Zenus Bank, which makes US bank accounts available internationally, to expand into these markets.
Mushegh Tovmasyan, founder and chairman of Zenus Bank, said that FUEX Payments has been at “the forefront of the fintech revolution” in the Caribbean and Latin American markets.
“This acquisition will enhance our capabilities and enable us to deliver even more innovative solutions to our customers, further strengthening our position as a leader in the fintech industry,” Tovmasyan added.
FUEX Payments’ API solutions enable real-time payments via global payment card brands for businesses, governments and financial institutions.
Candido Alfonso, co-founder and chief executive officer of FUEX Payments, said: “We are excited to join forces with Zenus Bank, a company that shares our vision for providing cutting-edge financial solutions to customers.
“This acquisition will allow us to leverage Zenus Bank’s expertise and resources to accelerate the growth of our real-time payments solutions in the Caribbean and LAC [Latin American] markets in the real-time transactions and Payments-as-a-Service markets.”
Last year, Zenus was the first international financial entity to become a principal member of Visa.
The acquisition also comes a few months after the appointment of John Woods to the newly-created position of chief revenue officer at Zenus Bank.
Woods is responsible for client acquisition and revenue growth for the bank’s retail, corporate and Banking-as-a-Service business units.