Zenus Bank, a digital bank based in Puerto Rico which offers U.S. bank accounts to non-citizens, has recently announced the acquisition of Fuex, a LatAm-focused payments fintech that it defines as strategic to its regional expansion.
Fuex, also based in Puerto Rico, markets APIs that enable real-time payments through leading global card brands. Through the M&A deal, Zenus aims to broaden its reach to markets in the Caribbean and Latin America.
“Fuex Payments has been at the forefront of the fintech revolution in the Caribbean and LAC markets, and we are thrilled to have them join the Zenus Bank family,” said Mushegh Tovmasyan, Founder, and Chairman of Zenus Bank, in a press release.
Founded in 2019, Zenus provides banking products to non-U.S. residents, including a virtual and physical Visa debit card. In addition, the fintech caters to businesses and reports customers in more than 90 countries.
“Access to the U.S. banking system remains challenging for many,” Tovmasyan said in a recent report. “In a truly globalized world, this should not be the case.”
Candido Alfonso, co-founder and CEO at FUEX Payments said the firm would leverage Zenu’s financial market expertise to accelerate the growth of its real-time payments products.
The companies did not disclose the amount of the transaction.
