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BBVA to acquire Mexican online payments startup

Banco Bilbao Vizcaya Argentaria SA has struck a deal to acquire Openpay, a Mexican financial technology startup specializing in online payments, according to a Dec. 23 statement.

Terms of the deal were not disclosed.

BBVA said that the transaction furthers the company's strategy to bolster its portfolio of digital businesses. The agreement with Openpay, with whom BBVA already collaborates through Mexican unit Grupo Financiero BBVA Bancomer SA de CV, comes months after the Spanish banking group acquired Finnish online banking startup Holvi Payment Services Ltd. earlier in the year.

Following the deal, Openpay co-founders Roberto Bargagli, Eric Núñez and Héber Lazcano will continue in their current management roles from the firm's offices in the Mexican state of Querétaro, BBVA said.

Openpay, a payment service provider that facilitates e-commerce for large businesses and small- and medium-sized enterprises, operates in Mexico through a network of more than 12,000 associated points-of-sale.

BBVA said the firm should post a profit in 2016.