Visa Inc (NYSE:V) has announced its entry into a definitive agreement to acquire YellowPepper, a fintech pioneer with proprietary technology and partnerships supporting leading financial institutions and startups in Latin America and the Caribbean.

The acquisition of YellowPepper follows a strategic partnership and investment Visa made in YellowPepper in May 2018. The YellowPepper platform offers a rich set of APIs to enable issuers, processors and governments to quickly and securely access multiple payment rails for many payment flows through one single connection.

The acquisition of YellowPepper is poised to accelerate the adoption of Visa’s “network of networks” strategy by significantly reducing the time-to-market and cost for issuers and processors associated with accessing innovative and interoperable solutions, regardless of who owns or operates the payment rails.

YellowPepper will facilitate an easier integration to Visa Direct, Visa’s real-time push payments platform, Visa B2B Connect, Visa’s non-card-based payment cross-border B2B network, and value added services. This will expand digital products and services enablement, provide compelling and safe experiences for the ecosystem, and grow new flow volumes and transactions.

YellowPepper will continue to commercially provide its brand-agnostic solutions with CEO Serge Elkiner continuing to lead the YellowPepper team.

The transaction is subject to regulatory approvals and other customary closing conditions. The deal is expected to close in the next several weeks.

Featured Image: Serge Elkiner, CEO & Founder of YellowPepper and Eduardo Coello, Regional President for Visa Latin America and the Caribbean. (Photo: Business Wire)