MOVii Establishes Operations in Peru and Aims to Expand Across Latin America

Colombian FinTech MOVii said Tuesday (Dec. 2) that it has begun its international expansion by establishing operations in Peru.

The company aims to capture at least 8% of the payment processing market in Peru within five years and expand to other markets in Latin America, it said in a press release emailed to PYMNTS.

MOVii will invest over $2.2 million over the next two years to establish operations in Peru and prepare for other markets, according to the release.

In its initial market, Colombia, the company captured 60% of the market for the processing of eCommerce transactions in three years, per the release.

The payments landscape in Peru is similar to that seen in Colombia in the past, in that it’s a market in which processing and acquiring have traditionally been controlled by only a few players, MOVii Co-Founder Hernando Rubio said in the release.

“But Peru, just like our country, has woken up,” Rubio said. “In recent years, they have begun to open up the field to move the ecosystem. On top of that, our own clients in Colombia pushed us to enter Peru, a country with enormous eCommerce and digitalization potential.”

Peru will be “the first of many” new markets for MOVii as the company works to become a key player in the Latin American digital payments ecosystem, with Chile and Mexico likely to be next, Rubio said.

When MOVii raised $15 million in a Series B funding round in October 2021, the company said that it had become the biggest company in Colombia offering digital deposits and payments and that it was working to grow its existing line of products.

“With our new partners and their investment, we will continue our mission to promote financial inclusion so that anyone in Colombia can pay and be paid digitally,” Rubio said at the time. “We want to reach more people and small businesses, and be a catalyst in the democratization of financial services.”

The PYMNTS Intelligence and Galileo Financial Technologies collaboration “Digital Developments: Charting Digital Payment Growth in Latin America” found that digital payment adoption is rapidly displacing cash in the region.

Digital payments constituted 48% of eCommerce transaction value and 30% of point-of-sale transaction value in Latin America in 2024, up from 14% and 2%, respectively, in 2014, according to the report.