Latin America-based Conekta OXXO Pay Acquired by FEMSA
Gunderson Dettmer represented long-time client Conekta, a Latin America-based online payments platform, in the acquisition of its OXXO Pay business by FEMSA, a publicly traded brand of companies based in Mexico.
Conekta raised a Series A in 2016 led by FEMSA along with a partnership to offer OXXO Pay to thousands of businesses, contributing to the digital and financial inclusion of millions of people in Mexico. The company went on to raise a Series B financing in 2019. Digital@FEMSA will operate the OXXO Pay platform after the sale is expected to close later this year.
In the announcement of the transaction, Conekta’s co-founders stated (English translation), “We greatly appreciate FEMSA/OXXO for all its support and for giving us the opportunity to build a product that revolutionized electronic commerce in Mexico for seven years in which we helped thousands of businesses and millions of buyers with OXXO Pay…This new path will allow us to look to the future independently and restructure our organization to become the fintech startup that solves online payments in the country and in Latin America.”
The Gunderson deal team was led by Dan Green and Francesca Crisera Ruiz, and included Damon Zhangchai, Alice Billmire and Alan Gao.