Business

About to go public, Getnet, Santander's payments arm, buys Mexican MIT

Founded in 2004, MIT has more than 35,000 clients and 125,000 payment terminals (POS), representing 10% of the sector in Mexico

Santander’s payment fintech PagoNxt launches Getnet in Europe
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Santander Bank announced on Monday it has bought 70 percent of Mexican platform Mercadotecnia, Ideas y Tecnología (MIT), joining its payments arm Getnet, which is preparing for an initial public offering (IPO) on Nasdaq.

In a statement, Santander said MIT will continue to develop payment solutions and may export its business to other countries. Founded in 2004, MIT has more than 35,000 clients and 125,000 payment terminals (POS), with 10% of the sector in Mexico.

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Getnet also operates in Mexico, Chile, Argentina, Uruguay, besides its main market, Brazil, where it is the third-largest, behind Cielo and Rede, from Itaú Unibanco.

Recently, PagoNxt, Santander’s payments arm, announced plans to expand Getnet in 30 European countries, with expectations of doubling the number of digital transactions between 2020 and 2025, reaching $10 trillion.

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Last month, Santander announced that it has obtained a public company registration for Getnet, as well as approval from B3 for listing and trading of shares and units. The group is also waiting for approval from the Securities and Exchange Commission (SEC, CVM) to trade its shares on Nasdaq.

(Translated by LABS)

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