Dapi, Abu Dhabi-based open banking startup, launches permission-based bank payment initiation services in Mexico

Dapi, Abu Dhabi-based open banking startup, launches permission-based bank payment initiation services in Mexico 

Mexico launch marks the first phase of company’s 2021 Latin America expansion.

(Image for illustrative purposes only)

Dapi, the San Francisco and Abu Dhabi-based global payment infrastructure provider, today announced its launch of permission-based bank payment initiation and account data aggregation services in Mexico. Dapi becomes one of the first companies to offer integrated bank transfer payments to the fintech community in Mexico, enabling companies to accept money directly from customer bank accounts from within their applications or websites. Dapi is the first company in Mexico to offer free account data aggregation services to companies that use the payment API to accept payments. As Dapi’s technology relies on bank transfers, the company offers payments at rates dramatically lower than comparable payment mechanisms, such as cards.

Commenting on the launch, the company’s co-founder and Chief Executive Officer, Ahmed Agour, noted:

“Over the last 6 months, Dapi has focused on making our payment infrastructure available to fintechs and enterprises globally with our expansion in the United States and now Mexico.

“Fintech payment ecosystems are now being built on Dapi infrastructure in multiple regions. We can have the same impact in Mexico by enabling a wide range of in-app payment use-cases, including digital banks, digital wallets, P2P payment applications, crypto exchanges, custodians, and merchants.

“Mexico is a significant market of over 120m people with a vibrant fintech community and an amicable regulatory environment, as seen with the Financial Technology Institutions Act (2018). We are delighted to be one of the first companies to provide permission-based payment initiation services in the country and look forward to being a responsible driver of the fintech ecosystem here.

“At Dapi, our mission is to democratize access to financial services by simplifying payments and putting financial data back in the hands of their owners, everyday consumers. There is no better place to be doing that than in Mexico.”

Commenting further, Hesham Ghandour, co-founder and CTO stated: “Since Dapi’s launch in late 2019, we have developed a robust and secure payment infrastructure that is in demand across multiple emerging and developed markets globally. Since our product does not rely on mass adoption of open API infrastructure by financial institutions, we can expand into many markets that do not have open banking protocols. Our infrastructure is now at a point where it can be rapidly and securely scaled across multiple markets. Mexico marks the first step in our plan to expand to the LatAm market through the rest of the year.”

Dapi will offer payment initiation and account information services to Mexican fintech companies effective immediately – enabling companies to test its services within a sandbox environment before deployment.

About Dapi

Dapi is a US-based venture-backed global permission-based payment initiation and account information service provider. The company has been the first to pioneer the launch of permission-based payment initiation and data aggregation services in 10 countries globally, including the United States, Mexico, the United Arab Emirates, Saudi Arabia, Pakistan, Egypt, Jordan, Bahrain, Kuwait, and South Africa. The company’s investors include Y Combinator, Pioneer Capital, Endure Capital, VentureSouq, Class 5 Global, and BECO Capital.

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