TransNetwork Acquires Uruguayan Fintech Inswitch

TransNetwork, a U.S.-based B2B payment infrastructure platform, has acquired Uruguayan fintech company Inswitch. The multi-million dollar deal, finalised on February 29, is set to enhance cross-border payment operations in Latin America. Inswitch CEO Ronald Alvarenga described the transaction as one of the market’s most significant.

Despite the acquisition, Inswitch will maintain its name, team, and offices. The deal will allow Inswitch to accelerate its growth in Latin America and expand into the U.S. market. Leveraging TransNetwork’s established legal permissions, Inswitch is already exploring ten business opportunities with major U.S. clients.

The merger combines TransNetwork’s extensive payment network with Inswitch’s expertise in instant money transfers. Inswitch, known for its e-wallets, digital payments, and card issuance services, supports around 100 clients across Latin America and the Caribbean. The company processes approximately $13 billion annually and operates offices in Mexico, Brazil, Colombia, Peru, Chile, Argentina, Uruguay, Guatemala, and El Salvador.

The new capital from the acquisition will primarily boost Inswitch’s commercial, marketing, and product development efforts. The company plans to hire 35 to 45 new professionals this year, adding to its current workforce of 135 employees, 70% of whom are based in Uruguay.

The relationship between Inswitch and TransNetwork began in October 2022 at an event in Las Vegas, where they initially explored collaborative opportunities. Recognising a strong cultural and strategic fit, the companies decided to pursue the acquisition. This move aligns with Inswitch’s capital-raising efforts to expand its financial services in Latin America.