Zenus Bank, a digital bank that offers US bank accounts to customers around the world, has acquired Financial Urban Exchange (FUEX Payments) for an undisclosed sum.
FUEX Payments is a financial technology company focused on real-time payments for the Caribbean and Latin American (LAC) markets.
The company developed advanced API solutions that enable real-time payments for businesses, governments, and financial institutions, through major payment card brands.
Zenus Bank said that the acquisition of FUEX Payments aligns with its current strategy aimed at expanding its service offering in the fintech industry.
Zenus Bank founder and chairman Mushegh Tovmasyan said: “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.
“This acquisition will enhance our capabilities and enable us to deliver even more innovative solutions to our customers, further strengthening our position as a leader in the fintech industry.”
Established in 2019, Zenus is an independent digital bank that offers retail, business, institutional banking, and banking-as-service (BaaS).
With the acquisition of FUEX Payments, the bank is enabled to expand its offerings in the Caribbean and LAC markets.
The advanced real-time payments technology from FUEX Payments, combined with Zenus Bank’s expertise in financial services, will create a powerful platform.
The combined entity is said to enable more effective and secure transactions for businesses and individuals in the region, leveraging major card payment platforms.
FUEX Payments co-founder and CEO Candido Alfonso said: “We are excited to join forces with Zenus Bank, a company that shares our vision for providing cutting-edge financial solutions to customers.
“This acquisition will allow us to leverage Zenus Bank’s expertise and resources to accelerate the growth of our real-time payments solutions in the Caribbean and LAC markets in the real-time transactions and Payments-as-a-Service markets.”
Earlier this month, Zenus Bank extended its partnership with Visa with the launch of the Visa Infinite debit card.
