Monnet Payments, a Peruvian fintech founded in 2020 by Eduardo Luna and Franco Zurita, announced the purchase of the Chilean payment solutions firm Etpay, the amount of which was not revealed, but the operation will allow it to reach 70 million transactions and process US$5 billion in that market.
The acquisition will strengthen the company’s presence in Latin America, operating in Peru, Chile, Argentina, Ecuador, Colombia and Brazil, and will add between 90 to 100 Chilean clients, in addition to 20 global clients in Mexico.
“We knew Etpay quite well because it was the provider with whom we worked best. It was always a partner. Furthermore, in this joint work we found a lot of complementarity and a very similar alignment on a personal and professional level,” mentioned Eduardo Luna, CEO of Monnet Payments, in an interview with Forbes.
New alliance and financial results
The purchase was financed through loans from Banco del Crédito del Perú and Banco Santander, which are expected to be paid in five years.
Monnet Payments projects to achieve a turnover of up to US$50 million in 2025, including the results provided by Etpay. In 2023 it registered revenues of US$30 million, and in 2022 it closed with US$23 million.
“Etpay provides new capabilities for the company, such as the transfer of payments between banks, a service that Monnet did not offer until now. They have a totally robust system to process small value transactions,” comments Franco Zurita, co-founder of Monnet Payments.
Latin American expansion and new investments
Following the integration, Monnet Payments will increase from 250 to 300 employees, where Franco Zurita will assume the role of Chief Strategy & Growth Officer (CSO). The executive announced that the company will open three new countries in the next six months, including the Dominican Republic and, to be confirmed, Bolivia, Paraguay or Panama.
Within its plans, the company also considers the incorporation of a Chief Operating Officer (COO) based in Uruguay, a country where they will open a new hub technological and commercial.
