Nexxus Capital has completed its investment in Translatum, a holding company which is developing a fintech payments platform.
The first component in the platform is TransNetwork, a company in the B2B electronic domestic and cross-border processing and payments industry.
The company enables transfers between the US, Mexico and other Latin American countries as well as domestic money transfers within Mexico. This investment has been made through Nexxus Capital Private Equity Fund VI, and Nexxus Capital VI Trust.
TransNetwork’s money transfer business enables licensed and regulated financial institutions to connect under one standard technology, granting access to a diversified payment network (banks and retailers) in Mexico, Central and South America.
With 15 years in the market, TransNetwork has developed a group of transmitters and 20,000 paying locations through 24 payers in eight countries (Mexico, Guatemala, El Salvador, Nicaragua, Costa Rica, Colombia, Ecuador and Peru), and with expansion programmes underway through diverse commercial alliances.
The remittance corridor between the US and Latin America has the highest volume in the world, with around USD44 billion worth of remittances sent in 2015, according to the World Bank.