Zenus Bank acquires FUEX Payments for undisclosed sum
Zenus Bank, a Puerto Rico-based digital bank that offers US bank accounts to customers all over the world, has acquired payments start-up Financial Urban Exchange LLC (FUEX Payments) for an undisclosed sum.
Zenus Bank acquires FUEX Payments
Founded last year and also based in Puerto Rico, FUEX Payments operates in the Caribbean and Latin American markets. It offers API solutions that enable real-time payments for governments, businesses and financial institutions via global payment card brands.
Through the acquisition, Zenus Bank aims to expand into the Caribbean and Latin American markets and allow businesses and individuals in the regions to transact “more efficiently and securely anywhere in the world”.
Candido Alfonso, co-founder and CEO of FUEX Payments, says the acquisition allows the firm to leverage Zenus Bank’s resources “to accelerate the growth of our real-time payments solutions in the Caribbean and Latin American markets in the real-time transactions and Payments-as-a-Service markets”.
Founded in 2019, Zenus Bank enables customers from developing countries to access, send, receive and store money in the US, and in US dollars, from almost any part of the globe.
Additionally, the bank also allows real-time cross-border money transfers, free of charge for Zenus-to-Zenus bank accounts, and payments in more than 45 global currencies.
Earlier this month, FinTech Futures caught up with Zenus Bank founder Mushegh Tovmasyan to learn more about the company and its plans.
