Euronet (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, today announced an agreement with LATAM digital wallet provider Paga Aqui Servicios SOLFIN (SOLFIN) where Euronet’s Ren Payments Platform (Ren) will provide complete issuing services for a minimum of 250,000 prepaid cards and up to 10 million cards over the next 10 years.
The partnership, one of the largest prepaid card programs in Central America, also will enable SOLFIN to expand its footprint beyond Costa Rica and Guatemala to other Central American countries in the future.
SOLFIN serves consumers in Central America who do not have access to traditional banking institutions. In addition, the company offers solutions for small and medium businesses through prepaid cards for payroll disbursement, vendor payments and other uses.
To help manage its next growth stage, SOLFIN selected Ren because of Euronet’s presence in the LATAM region, understanding of the prepaid segment, and ability to help SOLFIN scale across multiple countries and currencies while providing seamless operations.
For this project, Euronet is hosting Ren in one of its global data centers and providing the SOLFIN wallet access to Ren’s issuing capabilities through customizable APIs. The SaaS-based approach enables SOLFIN to focus on its new wallet enhancements while Euronet maintains the core Ren functionality for them.
Once fully integrated into the project, Euronet and Ren will manage the full card life cycle as the SaaS prepaid card processing platform and Mastercard affiliate license sponsorship provider.
“We needed a partner with proven technology and expertise in prepaid card issuing,” said Alejandro Hernandez, General Manager at SOLFIN. “Euronet was able to deliver both and understands the needs of the LATAM region.”
“We are excited to be working with SOLFIN,” said Oscar Munoz, Head of Sales for Ren Americas. “They have a strong presence in the region and are committed to delivering prepaid card services that meet the needs of their customers.”
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