Brazilian financial solutions and payment terminal fintech Saque y Pague announced that it would invest $50 million to expand its operations in Latin America.
The company, which has a presence in more than 500 Brazilian cities and already has operations in Colombia and Mexico, will seek to strengthen its regional network and install 2,000 of its self-service terminals in the Colombian market over the next four years.
Saque y Pague has transformed the currency flow in Brazil and has directed its efforts to bring to the rest of the continent the expertise and technology in financial and banking management, enabling real-time deposits, withdrawals, consultations, and other transactions at its terminals without envelopes.
Colombia and Mexico as crucial markets for Saque y Pague
“We have found in Colombia a market with a high cash flow, attractive and competitive, which represents a great opportunity to operate in both large and medium-sized cities, as well as in remote areas. After our growth in Brazil, where we have more than 2,500 ATMs (most of them located in places where we are the only option for people to access financial services), in Mexico, we have more than 510 to date”, said Clark Steppacher, CEO of Saque y Pague for Colombia.
In addition, the Brazilian fintech said it was expanding its Mexican banking operation to increase brand recognition.
The opening of operations in Colombia is being undertaken in partnership with Bancoomeva. The pilot began last month and is already operating self-service terminals with deposit, debit, and credit withdrawals. A total of $ 2 million will be used to open offices and start operations.
The company’s objective in the country is to install its self-service network to reduce the costs associated with the service for banks, retailers, and other segments under a management and operation model that optimizes the handling of money, reducing high prices in the transport of valuables and also support costs, bringing operational efficiency to the physical cash exchange.
Bases for a successful expansion
“Colombia has a certain need for this technology offered by Saque e Pague. In addition, most of the population has the habit of using actual physical cash, which makes adherence to the solution a success. We are initiating a process of democratizing people’s access to the financial system,” said Givanildo Luz, CEO of Saque e Pague, in a statement.
Four years ago, Saque y Pague inaugurated its first self-service terminal in Mexico. Since then, the fintech has achieved excellent results and acquired a prominent position in Mexico.
According to the company, the brand expects to end 2022 with 550 points of service in Mexico. In addition, the company expects a turnover of? Ten million by the end of this year, only in the Mexican operation.
The presence of Saque e Pague in Mexico was through a social program of the Lopez Obrador government, carried out by Banco Bienestar. According to Ronald Kellermann, general director of Saque y Pague, the program allows beneficiaries from all communities in the country to receive a benefit through the company’s service terminals.
“The potential market in Mexico is as large as that of Brazil, and we see that our operation in that country tends to become self-sustaining. From now on, the Mexican population will be increasingly impacted by our brand,” said Saque e Pague’s CEO.