CEO Alberto Guerra discusses UniTeller's growth strategy, focusing on international expansion and future developments
UniTeller's Acquisition of More Payment Evolution Boosts Global Expansion
UniTeller, a subsidiary of Mexico-headquartered international bank Grupo Financiero Banorte, has made a significant stride in its global expansion plans with the acquisition of More Payment Evolution. This strategic move, completed in August 2024, has led to a notable increase in UniTeller's send volume from $14bn to $17bn over the same period.
The acquisition has expanded UniTeller's geographical reach to markets across Europe and Africa, in addition to its existing presence in Latin America. As a result, UniTeller now serves more than 120 countries, up from 84 in 2023.
Alberto Guerra, CEO of UniTeller, shared insights on how the company approached the acquisition of More and where he sees key opportunities now that the process has been completed. According to Guerra, the acquisition was focused on expanding UniTeller's geographical reach and enhancing its capabilities in consumer remittances, B2B solutions, and its B2B2X-focused network business.
The acquisition has also bolstered UniTeller's consumer digital capabilities, allowing for improved services and increased market share. This is particularly evident in Europe and Africa, where More Payment Evolution has a strong presence. UniTeller aims to leverage this acquisition to develop business payments in these regions.
The acquisition of More Payment Evolution has resulted in a shift in UniTeller's corridor mix, with potential for growth in previously underserved regions. This move is strategic, as it positions UniTeller to capitalize on trends in cross-border payments, including the increasing demand for real-time, low-cost transactions and the growth of digital wallets.
The latest earnings report from UniTeller cited the acquisition as a key driver of an uplift in income from fees in Q3 2024, underscoring its financial impact. The acquisition of More Payment Evolution is, therefore, a significant step in UniTeller's wider strategy for global growth and expansion.
In this strategic move, UniTeller leverages technology to bolster its consumer digital capabilities, particularly in Europe and Africa, where it aims to develop business payments and capitalize on the growth of digital wallets for investing in and expanding its business. This acquisition has also positioned UniTeller to capitalize on trends in finance, such as the increasing demand for real-time, low-cost transactions, and has resulted in a notable rise in income from fees, as seen in its Q3 2024 earnings report, fostering its global expansion.
