The investment, which was made in two parts, will serve to expand Kala's commercial and engineering team, as well as lay the groundwork to take its operations to other parts of LatAm.
The agreement for the acquisition of NetPay had been announced in November 2022. FEMSA had owned minority shares in the fintech since 2019.
This is Visa's second offer for the Brazilian fintech. Previously, the American company offered $1 billion to acquire the startup, but the offer was refused.
Picpay was expecting to break even only in the middle of 2024 and could prepare again to go public on the New York Stock Exchanges.
The illustrious awards ceremony, with a star-studded list of nominees, will be held in New York at the end of Fintech Nexus USA.
According to the company, the goal of this expansion is to consolidate the fintech as one of the major players in LatAm, helping small businesses to reduce costs with payments by improving their financial management.
According to Ripio executives, this partnership will allow users of both fintechs to buy and sell cryptocurrencies directly in their respective apps.
According to the authorization announcement, the new payment institution of Pomelo will be headquartered in São Paulo.
Barte aims to scale its operations with the bolstered cash, launching a new credit product later this year.
According to Belvo, the new product will function as a gate for users to initiate payments directly inside third-party apps.