Translatum Holding, a Nexxus Capital portfolio company, has reached commercial agreements with Remesas y Traslados SA and ONCA Holding LTD, strengthening its money remittance services in Central and South America.
(Press Release) Nexxus announces that on January 31st, 2018 the portfolio company Translatum Holding SAPI de CV (“Translatum”), through Transnetwork LLC (“TransNetwork”), successfully completed commercial agreements with Remesas y Traslados SA and ONCA Holding LTD, assuming all rights and obligations of multiple contracts with money transmitters in the United States and payment networks in Central and South America. This transaction strengthens Translatum’s presence in Central America being positioned as a payment “switch” with a market share above 25% in the region.
This transaction constitutes the 1st phase of the strategic actions derived from the Value Creation Plan established alongside Translatum/ Transnetwok’s associates and managers. This transaction allows the company to: substantially increase its presence in Central America, especially in Guatemala, a country in which family remittances benefit one third of the population; enhance their relationship with remittance transmitters that originate transactions in the United States, and improve even more their regulatory compliance mechanisms by increasing the information available to analyze money transfers.
Transnetwork is a company with more than 16 years as the leader in the international payments aggregation and monitoring of money transfers originated in the USA, Canada and Europe and paid in Mexico, Central and South America, as well as a domestic payments platform in Mexico. TransNetwork operates more than 30 million transactions per year with a payment network of more than 20,000 points and presence in twelve countries.