Krealo, Credicorp’s open innovation arm, acquired the digital business unit of Chilean payments company Multicaja for US$19m.
(Press Release) Lima, PERU, March 27th, 2019 – Credicorp Ltd. announces to its shareholders and the market that Krealo, a subsidiary of Credicorp, has agreed to pay approximately US$ 19 million to acquire 100% stake of Multicaja’s digital business unit. The payment will be made in two installments, 50% in 2019 and the remaining in 2020. The transaction is subject to compliance with certain conditions precedent and approvals.
Multicaja is a Chilean payment-acquiring company founded in 2007 with a wide presence in Chile through more than 17,000 affiliated merchants and 700,000 online users. Multicaja processes over 115 million transactions per year. The digital business unit of Multicaja comprises: support services to cross-border payments, online top-ups, online utility payments, and pre-paid accounts. The prepaid account business requires a regulatory approval from SBIF (the Chilean Banking Supervisor).
This acquisition represents the first investment of Krealo in Chile.
About Credicorp (www.credicorpnet.com)
Credicorp Ltd. (NYSE: BAP) is the leading financial holding in Peru with presence in Chile, Colombia and Bolivia. Credicorp has a diversified business portfolio, which is organized into four lines of business: Universal Banking, through Banco de Credito del Peru-BCP and Banco de Credito de Bolivia; Microfinance, through Mibanco and Encumbra; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Banking & Wealth Management, through Credicorp Capital, Wealth Management at BCP and Atlantic Security Bank.
About KREALO (www.krealo.pe)
Krealo is the business unit of Credicorp constituted in 2018 to create, invest and manage fintechs that provide digital products and services, which will enhance the value proposition offered to current and potential customers of Credicorp and its subsidiaries. Krealo aims to serve over one hundred million of customers in Peru, Chile and Colombia.
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