Monnet Payments has taken a significant step in its regional growth strategy with the acquisition of Chilean payments fintech ETpay. The Peruvian company, specialized in collection and disbursement solutions, sees the deal as a cornerstone for its ambition to become a leading payments infrastructure provider in Latin America. The transaction, whose value was not disclosed, is positioned as both a technological upgrade and a scale play for the group.
Details of the ETpay Acquisition
ETpay, founded in 2018 in Chile, was already one of Monnet Payments’ preferred technology partners before the deal. According to Monnet cofounder and CEO Eduardo Luna, the companies had built a strong working relationship and found a high level of professional and personal alignment. That familiarity, combined with complementary capabilities, led Monnet to move from partnership to full acquisition.
Enhancing Product Capabilities and Client Portfolio
A key attraction of ETpay is its robust platform for interbank payment transfers and the processing of small-value transactions, a service Monnet did not previously offer. Co-founder Franco Zurita highlighted that ETpay reaches parts of the Chilean banking system where Monnet had limited penetration until now. With the acquisition, Monnet expects to add between 90 and 100 Chile-based clients and around 20 global clients with operations in Mexico to its customer base.
Regional Expansion and Operational Structure
Monnet Payments currently operates in Peru, Chile, Argentina, Ecuador, Colombia and Brazil, and the integration of ETpay is designed to accelerate regional expansion. As part of the new structure, Zurita will assume the role of Chief Strategy and Growth Officer, focusing on new product development and entry into additional markets. The company plans to open operations in the Dominican Republic and is assessing Bolivia, Paraguay or Panama as the next two potential markets within the coming six months.
Building a Uruguay Hub and Strengthening Leadership
To support its broader footprint, Monnet intends to appoint a Chief Operating Officer based in Uruguay. The firm is establishing a technological and commercial hub in the country, complementing existing hubs in Peru and Chile, and capitalizing on the local talent pool that already helped build its software. Luna and Zurita see proximity to major regional payment players located in Uruguay as a strategic advantage for knowledge sharing and client service.
Financial Structure and Growth Outlook
The acquisition of ETpay was financed through loans from Banco de Crédito del Perú and Banco Santander, which Monnet plans to repay over a five-year period. The company has been largely bootstrapped, reaching break-even in its sixth month of operation in 2021 and maintaining positive EBITDA every year since, according to Zurita. Including ETpay’s results, Monnet expects revenue of up to 50 million dollars this year, following 30 million dollars last year and 23 million dollars in 2023, driven by a larger customer base and cross-selling across markets.
Continued Investment and Market Priorities
Looking ahead, Monnet plans to invest between four and five million dollars next year in technology, talent and geographic expansion. These investments will be funded mainly through reinvested profits, reflecting the company’s commitment to remaining profitable while scaling. In Brazil, Monnet operates through a partnership with Pagseguro’s PagBank, using local rails for collection and disbursement, though the founders emphasize that the highly competitive and low-margin Brazilian market is a strategic complement rather than the core of their business.
With the acquisition of ETpay, Monnet Payments is reinforcing its position as a fast-growing regional infrastructure provider in Latin American payments. The deal expands its technological offering, deepens its presence in Chile, and sets the stage for entry into new markets and the creation of a regional operating hub in Uruguay. Backed by a bootstrapped, profitable track record and a clear investment roadmap, the company is signaling a more aggressive phase of disciplined, technology-led growth.