Telecommunications and internet group SoftBank and financial services firm Citi exited Mexico-headquartered payment software developer Arcus in an acquisition by payment services firm Mastercard on Wednesday.
Founded as Regalii, Arcus provides software targeted at Latin American businesses that enables them to set up their own applications to accept and process payments in addition to getting access to more thorough financial data.
The company had previously been part of Mastercard’s startup engagement initiative, Start Path, and had raised a total of $16m as of November 2020 when it received an undisclosed amount from Citi’s strategic investment arm, Citi Ventures.
Fenox Venture Capital invested an undisclosed sum in Arcus in 2013, and it secured $7.9m from Ignia Partners, Kapor Capital, GP Ventures and Tycoon Capital four years later. It has also named SoftBank, Y Combinator, Initialized Capital and Andreessen Horowitz as existing backers.
Laura Cruz, president of Mastercard’s Mexico and Central America division, said: “The past year has shown how critical digital solutions are for people and businesses across the region.
“With the addition of the Arcus team, we will enhance existing payment experiences and create new opportunities to address every day needs by connecting more people to the digital economy.”
