Canadian fintech firm Mobi724 has acquired e-commerce Avenida after agreeing to buy its shares for $4 million.
The transaction is expected to be finalised 15 May this year and is subject to approval TSX-V (Toronto Venture Exchange). Avienda will continue to operate under the guidance of its CEO Daniel Jejcic and CFO Marya Fiszman.
Based out of Buenos Aires, Argentina, Avenida serves B2B clients across Latin America, more notably banks.
The Argentine white-label marketplace firm has relationships with numerous banks across the Latin America region, having a current card base of approximately 24 million. Avienda offers in excess of 100,000 products to over 4,500 merchants.
“The demonstrated success of our partnership with Mobi724 was the motivating factor for us to take the next exciting step of joining forces so that together we can capture a larger share of the fast-growing Latin American market for payments and online marketplaces,” stated Jejcic.
“The complementary nature of our businesses will enable 360° solutions for existing and future clients and create tangible value for cardholders.”
Mobi724 are projecting to be EBITDA positive during the fiscal year 2023, estimating revenues to be between $18 – $24 million.
Marcel Vienneau, CEO of Mobi724, added on the acquisition: “”We are truly pleased to make this transformational acquisition that further positions Mobi724 as a leading aggregator of real-time offers and rewards both online and offline in the Latin America region.
“We formed a strategic alliance with Avenida+ in November 2020, and in working together, we both experienced significant revenue-generating opportunities and an expanded sales pipeline. Avenida+’s management team has achieved strong success at growing its business, and as part of Mobi724, we look forward to working together to generate even further growth.”