TransNetwork acquires Inswitch to drive the future of banking and cross-border digital payments in Latin America
HOUSTON and MIAMI, May 15, 2024 /PRNewswire/ -- TransNetwork, a B2B payments infrastructure platform for instant money movement in the Americas, announced the acquisition of Inswitch, a provider of embedded finance technology. This strategic acquisition combines TransNetwork's payments network and instant money movement capabilities with Inswitch's financial technology solutions offered via an API-based core platform. The transaction will accelerate the development of TransNetwork's digital product suite for cross-border payments in Latin America.
Together, TransNetwork and Inswitch will offer a range of financial technology products for enterprises and their end users. The combined company's product suite will include white-label digital wallets, cross-border and domestic payments, full-service issuance and processing of physical and digital cards, and an extensive pay in and pay out network which includes banks, card acquiring, cash, wallets among other features. TransNetwork and Inswitch's common mission is to digitize cross-border payments and the provision of financial services in Latin America. This includes facilitating the transition from cash to digital-first financial services and providing access to safe and convenient real-time financial services across borders.
Leveraging Inswitch's technology and regional expertise, TransNetwork will enhance its money send and receive capabilities and offer innovative digital products to enhance its value proposition to its partners and clients. "With the acquisition of Inswitch, we at TransNetwork are taking a major step towards transforming the instant cross-border payments industry by enhancing our payments processing platform through innovative digital products and capabilities. Our goal is to strengthen our product offering and provide our clients with fast, secure, and convenient digital payment solutions for their cross-border B2B2C needs," said Jorge Raull, Founder and CEO of TransNetwork. "We look forward to working with Ronald Alvarenga and the team at Inswitch to introduce these exciting new offerings in the coming months," added Jorge Raull.
With this acquisition, Inswitch is well-positioned to extend its payment and regulatory coverage to its existing and new clients. Additionally, Inswitch's partnership with TransNetwork will allow it to deliver its advanced technology and complete financial services product suite in the United States. "Through this acquisition, Inswitch becomes a strategic pillar to strengthen and grow TransNetwork's business in the US and Latin America. As a result of the transaction with Jorge Raull and TransNetwork, our regulatory framework and payment rails will continue to expand across the region. Together, we believe that we are set to become one of the most versatile players in the Americas and offer customers an exceptional financial services platform," said Ronald Alvarenga, CEO of Inswitch.
About Inswitch
Inswitch is a global provider of "embedded finance" technology, serving companies and organizations for the rapid deployment of their own digital financial services. With Inswitch's API-based Fintech-as-a-Service platform, any company can select the best financial solution for its specific needs. All this with a strategy of rapid and frictionless commercialization, leveraging Inswitch's global network for cash operations, banking, credit/debit cards issuance, and payments. For more information, visit www.inswitch.com.
About TransNetwork:
TransNetwork provides banks, money transfer operators, payment providers, and financial technology companies with access to a multinational network that supports various use cases. For more information, visit www.transnetwork.com.
LinkedIn: @Inswitch
X: @inswitch
SOURCE Inswitch; TransNetwork
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