Argentinian payments processor Tapi has acquired the utility payments and cash handling operations of Mastercard’s Mexican business, Arcus.
Tapi has purchased Arcus’s utility payments, mobile top-ups, gift cards, and cash in/out services as part of its strategy to enhance its footprint in Mexico. Last year, the startup raised $22 million in funding to support its expansion into Mexico, emphasizing the country’s importance to its growth.
This acquisition also enhances Tapi’s offerings to the banks, fintechs, merchants, and service providers it collaborates with in Argentina, Chile, Colombia, and Peru. CEO Tomas Mindlin stated, “Integrating Arcus’ cash and utility payment capabilities into the Tapi ecosystem represents a turning point in our journey as a company.”
Mastercard, which acquired Arcus in 2021, will continue to maintain the brand and its capabilities to facilitate payment processing, settlement, and reconciliation through Mexico’s Interbank Electronic Payment System.