Stripe, one of the world’s largest fintech unicorns, has finally landed in Mexico City. In a blog post on their website, the digital payments platform said its first office in the region would help grow and consolidate the brand’s presence, not only in Mexico but Latin America as a whole.
With this launch in Mexico, any online company in the country can now gain access to Stripe’s entire product stack.
Stripe recruited local talents to build localized products and take advantage of opportunities for fast-growing mobile payment and eCommerce sectors in the region.
“With today’s launch, Mexican entrepreneurs and businesses can start accepting payments from around the world in a matter of minutes, and access. Stripe’s suite of products including Connect, Radar, Billing, and Sigma,” the US payment giant said.
By establishing its Mexico City headquarters, San Francisco-based Stripe will initially expand its payment network as well as the Stripe treasury across the continent. Moreover, the company wants to create and launch new products specifically tailored to regional needs.
Stripe withdraws from Libra
Stripe, which competes with the likes of Square and Adyen, helps businesses of all sizes facilitate payments over the internet through its software as a service. Founded in 2010, the B2B firm started out by helping e-commerce companies integrate payments into their apps or websites.
“We’ve been tailoring Stripe’s products in close coordination with the innovative companies driving that growth in Mexico, such as Homely, Cornershop, mienvío, Rappi, and Unitips. Thanks to their feedback, we’ve built features and products that will benefit Mexican businesses,” it said.
The launch in Mexico follows a $250 million fundraising round in September that brought the Silicon Valley-based company’s valuation to $35 billion.
Elsewhere, Stripe said earlier this month it no longer participates in the Libra Association, the group working on launching Facebook’s proposed cryptocurrency. It joined other financial giants, including PayPal, Mastercard, Visa, and Mercado Pago, in dropping out of Facebook’s libra cryptocurrency project as government regulators continue to scrutinize the plans.
Stripe, however, said in it remains supportive of projects that aim to “make online commerce more accessible for people around the world, and will remain open to working with the Libra Association at a later stage.”