Kushki is expanding its presence in Chile beyond online payments as the Ecuadorian fintech moves deeper into physical acquiring through a new white-label point-of-sale strategy. The company, which has rapidly increased its share of Chile’s non-face-to-face acquiring market since becoming a non-bank acquirer in 2023, is now targeting broader adoption among merchants, software providers, and financial institutions. Its latest push includes customizable POS terminals that allow partners to operate payment devices under their own brands while Kushki handles transaction processing in the background.
Rapid Growth in Chilean Acquiring
Founded in 2016 by Aron Schwarzkopf and Sebastián Castro, Kushki operates payment infrastructure across several Latin American markets, including Chile, Peru, Colombia, and Mexico. In Chile, the company’s share of online acquiring has risen sharply, moving from below 5% in 2023 to between 20% and 30% in 2025, according to figures cited by the Chilean National Economic Prosecutor’s Office. That expansion has helped position Kushki as the country’s third-largest player in non-face-to-face acquiring behind Transbank and Mercado Pago.
Kushki Chile country manager Carlos Molineiro said the company reached profitability in the country for the first time in 2025, generating slightly less than $500,000 in profit. He expects the Chilean operation to remain profitable in 2026 while continuing to expand transaction volumes and its merchant base. The company estimates that the value of payments processed in Chile doubled in 2025 and is forecasting another 64% increase this year.
Focus on Digital Payments
Kushki has built much of its Chilean business around e-commerce merchants generating more than $500,000 in revenue, serving some directly and others through payment service providers. Its partners include platforms such as dLocal, Haulmer, and EBANX, which connect merchants to Kushki’s acquiring infrastructure without necessarily exposing the Kushki brand to consumers. According to Molineiro, the company also processes transactions linked to major international digital platforms and selected Chilean businesses, including activity associated with Copec and Hites.
The fintech attributes part of its growth to its regional operating model, which allows it to serve multinational customers across several Latin American markets through shared infrastructure. Kushki runs parts of its after-sales operations from Colombia, while development teams are spread across Mexico and Colombia and other functions remain in Ecuador. The company currently employs around 30 people in Chile and roughly 500 across the region, according to Molineiro.
Expansion Into Physical Payments
Kushki launched its physical POS offering in May 2026 and is currently testing the model with Chilean liquor retailer Líquidos. The terminals are marketed under the SIPOS! brand rather than Kushki’s name, reflecting the fintech’s strategy of providing white-label infrastructure that can be customized with a partner’s branding, software, and commercial identity. The initial system combines payment processing with features such as inventory management and loyalty tools designed for convenience stores and liquor retailers.
Kushki is now working to extend the model to software companies serving industries including beauty, hair salons, restaurants, and other merchant categories. The company also sees potential demand from banks that lack their own acquiring infrastructure and could use Kushki’s technology to offer branded payment terminals. Over the next two to three years, Kushki is targeting between 75,000 and 100,000 physical POS terminals in Chile, although it does not expect to become the market’s largest provider.
Market Outlook and Regulation
Molineiro expects multi-acquiring, where merchants work with multiple acquirers, to become increasingly common as businesses seek greater payment continuity, lower costs, and broader service options. He also believes future interoperable instant payment systems in Chile could be integrated directly into Kushki’s terminals through technologies such as QR codes or NFC. At the same time, the company continues to raise concerns about interchange fees, restrictions on non-bank acquirers, and potential competitive advantages enjoyed by banks that bundle acquiring with other financial services.
Kushki’s move into white-label physical payments marks a significant expansion of its Chilean strategy after several years of rapid growth in digital acquiring. By combining regional payment infrastructure with customizable POS technology, the company is positioning itself to serve merchants, software providers, and potentially banks seeking branded acquiring solutions. Its ability to meet ambitious terminal deployment targets will depend on adoption by partners, continued transaction growth, and the evolution of Chile’s competitive and regulatory payments landscape.