Expansion Plans Revealed by Alberto Guerra, CEO of UniTeller: Focus on International Growth and Strategies for the Future
UniTeller, a Mexico-headquartered international bank subsidiary, has made a strategic move to expand its consumer digital capabilities and strengthen its position in the global payments industry. In August 2024, the company completed the acquisition of More Payment Evolution [1].
This acquisition aims to enhance UniTeller's capabilities in consumer remittances, B2B solutions, and its B2B2X-focused network business. It also opens up opportunities for UniTeller to develop business payments and explore new markets for consumer digital expansion [1].
The acquisition of More Payment Evolution has been a key driver of growth for UniTeller, helping to increase its send volume from $14bn to $17bn. It has also expanded UniTeller's geographical reach, adding markets across Europe and Africa to its existing presence in Latin America. As a result, UniTeller now serves more than 120 countries, up from 84 in 2023 [1].
UniTeller's CEO, Alberto Guerra, shared insights on the acquisition and where he sees key opportunities. He emphasized the importance of leveraging More Payment Evolution’s technology and network to drive growth, reduce costs, and capitalize on the increasing demand for seamless international remittances and payment services for businesses and consumers worldwide [1].
The acquisition has also equipped UniTeller with the resources to capitalize on opportunities in business and consumer digital payments. It has brought new trends in cross-border payments for UniTeller to consider, such as simplifying and innovating cross-border payments, improving the efficiency and reach of payment solutions, particularly in dynamic remittance corridors like China-Southeast Asia [1].
The strategic move positions UniTeller to better serve small-to-medium enterprises and individual remitters by providing more efficient, cost-effective, and expansive payment infrastructure. The integration allows UniTeller to tap into emerging markets and evolving payment needs, thereby expanding its global footprint and delivering enhanced value amid the continued globalization of commerce and finance [1].
The acquisition has been a significant development for UniTeller, as indicated by its mention in Banorte's latest earnings. Banorte, UniTeller's parent company, cited the larger fund transfer dynamics resulting from the acquisition as a key driver of an uplift in income from fees in Q3 2024 [1].
In conclusion, UniTeller's acquisition of More Payment Evolution marks a significant step in its journey towards digital transformation. The company is now well-positioned to leverage the trends in cross-border payments and capitalize on the growing demand for seamless and efficient international remittances and payment services for businesses and consumers worldwide.
[1] UniTeller Press Release, August 2024.
UniTeller, fueled by the acquisition of More Payment Evolution, is now investing in expanding its business operations to capitalize on growing demand for seamless and efficient international remittances and payment services. This strategic move positions the company to penetrate new markets, enhancing its global footprint in the finance industry.
