Argentine fintech Ualá has bought the Empretienda e-commerce platform, its chief executive, Pierpaolo Barbieri, has confirmed in a phone interview.
Barbieri declined to disclose the amount of the purchase.
Empretienda, which operates in Argentina with more than 120,000 merchants and increases the number by about 6,000 a month, is a platform that allows small merchants to create a web shop to sell online.
The purchase will allow "full integration" of the platform with Ualá's Bis payment services.
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"With the Empretienda team we feel we have such alignment and such a vision for the future of what we can build together that we are adding them to the ecosystem."
Empretienda focuses on smaller businesses than other platforms and does not charge a percentage on sales, but a monthly fee to maintain the website.
Barbieri said this purchase does not represent a move towards e-commerce.
"Our main goal is to build the best financial ecosystem. We're not doing pizza delivery or selling products. We are helping small businesses move into the digital economy. To do that, they need a shop as well as a payment mechanism," he said.
"We saw an incredible opportunity to add talent to our team. We are not actively looking for mergers and acquisitions," he added.
Ualá Bis, the company's payments vertical, accounts for about 20 percent of revenues and is expected to reach about 30 percent by the end of the year.
Empretienda's users will get three months commission-free on sales through the Ualá Bis payment method and new Empretienda users will get the first three months free on the platform.
by Carolina Millan, Bloomberg