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Colombian fintech FinZi acquired by Girasol Payment Solutions

Source: Girasol

Girasol Payment Solutions has successfully completed the acquisition of 100% of FinZi as part of its strategy to enter the Colombian and South American markets.

The transaction was finalized in January 2024 and will undergo a transition process lasting approximately six months between both companies.

Founded in June 2021, FinZi is a Colombian fintech company with a current user base exceeding 250,000 registered on its digital wallet, primarily targeting the youth segment. Acting as a digital banking correspondent for Banco Cooperativo Coopcentral, FinZi provides a wide range of financial products through its platform, including services such as bank accounts, Visa debit cards, micro-loans, utility payments, and gaming subscriptions. The company has also formed strategic alliances with notable entities such as Bavaria, Banco Finandina, Ripio, among others.

The acquisition materialized due to the significant opportunity Girasol identified in accessing the Colombian market through FinZi, leveraging its infrastructure, local team, brand, and market presence. This will facilitate the expansion of the services and solutions that Girasol already successfully offers in the Caribbean region, where it has been operating for over four years. Notably, Girasol is headquartered in Curaçao, in the Dutch Caribbean, and currently has a presence in the United States, Brazil, and the Dominican Republic.

“We are extremely excited to be part of Girasol and to expand our products in Colombia and eventually the rest of the region,” stated Juan Zavala, CEO of FinZi. “We believe that this alliance with Girasol will allow us to continue growing and strengthening the services and solutions we offer to our users, as well as entering new segments we had not explored before, further transforming the payment ecosystem in Colombia.”

Girasol Payment Solutions is a payment technology company specializing in providing payment processing services, including card issuance and acquiring, as well as bill payment and corresponding banking services. Additionally, it offers banking as a service solutions and digital payment acceptance. With several years of operation, the company has experienced rapid growth in the markets where it currently operates, collaborating with banks, cooperatives, government entities, and other technology companies. Its vision is to become the leading provider of digital payments in the Caribbean region and eventually expand to the rest of Latin America, starting with Colombia.

Colombia has solidified its position as one of the most relevant countries in the fintech industry. For Girasol, the opportunity to access the market expediently through the acquisition of FinZi was a decisive factor in completing this transaction. As part of the acquisition, FinZi will maintain its focus on offering digital wallet services to its user base, as it has been doing in recent months.

However, with Girasol becoming the major shareholder, the objective is to develop and consolidate its presence in the B2B segment, offering services to other fintech companies, banks, startups, among others. Girasol intends to implement its technological solutions and processing platforms during the first quarter of 2024, that includes- Banking as a Service solutions, white-label wallets, Mastercard and Visa payment processing, as well as payment acceptance solutions.

“Colombia has always been one of the markets of great interest for Girasol, and entering the market hand in hand with FinZi excites us greatly. We aim to build upon what the FinZi team has achieved in recent years,” stated Marwan Rozier, CEO and Founder of Girasol Payment Solutions. “At Girasol, we will focus on maintaining and expanding FinZi’s presence in Colombia and eventually the rest of the Caribbean, bringing FinZi to the hands of the youth in the Caribbean.”

Concerning FinZi users, there will be no changes in usability or access to services through the digital wallet. However, FinZi aims to introduce new products and services in the coming months through a remastered version of its current product to expand and enhance its presence in Colombia.

“We believe we are entering a new stage for the company, revitalizing our product for users to further position FinZi and become the favorite digital wallet for the youth in Colombia,” commented Juan Zavala. FinZi aims to reach one million users by the end of 2024.

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