Colombian Fintech MOVii Enters Peru to Operate as a Neo-Acquirer, Marking the Beginning of Its Expansion in Latin America

MOVii, the fintech that has managed to process 60% of e-commerce transactions in Colombia in just three years, is making its first international foray in Peru with a clear focus: to revolutionize the digital payments industry through its neo-acquiring model. The Colombian startup plans to replicate its success in the Peruvian market, where payment processing and acquiring are still largely dominated by a few traditional players.

“We identified that the payments landscape in Peru was very similar to what we experienced in Colombia: a market where processing and acquiring have traditionally been concentrated in very few players. But Peru, just like our country, has woken up. In recent years, they have begun to open up the field to move the ecosystem. On top of that, our own clients in Colombia pushed us to enter Peru, a country with enormous e-commerce and digitalization potential,” said Hernando Rubio, co-founder of MOVii, during the Latam Epayment Summit 2025 organized by Capece. 

The executive pointed out that the expansion into Peru is part of a broader strategy to become a key player in the Latin American digital payments ecosystem. “We see Peru as the base for what’s coming next. This market will be the first of many, with Chile and Mexico in our sights for the coming years.”

In its first phase of international expansion, MOVii will allocate more than US$ 2.2 million over the next two years to establish operations in Peru, gain market share, and build the foundations for its future growth in other key markets in the region.

To finance this growth, the executive notes that the company has the advantage of being self-sustaining, thanks to the revenues generated in Colombia. “Our success in Colombia allows us to reinvest our profits to fuel our expansion, without the need for new investment rounds for the time being.”

“We have our eyes set on the long term. Our goal is that over the next five years, we want to capture at least 8% of the Peruvian market. We are talking about processing more than 192 million transactions and reaching an annual total processed volume (TPV) of 4.2 billion dollars,” Rubio added.

Local partnerships

MOVii understands that in order to offer a full range of payment processing services, it must partner with financial institutions and the most widely used payment methods in Peru. In this regard, its first step in the country is to forge key alliances with local banks and networks to complement its acquiring services. It is also aiming to integrate with the most popular wallets and payment solutions such as Yape and Plin, among others.

“We have already held important conversations with the Central Reserve Bank of Peru (BCRP). We want to be an active part of building the future of payments in the country, contributing our experience, for example from what we have learned driving Bre-B in Colombia, to help develop solutions that have large-scale impact, such as what could be the Peruvian equivalent of Brazil’s Pix,” the executive explained.

“We firmly believe in open banking and open finance. We want to be connected to the entire Peruvian payments ecosystem in the coming years. And we don’t just want to participate, we want to leave a significant mark on the sector,” Rubio added.

MOVii: The story of a purpose that crossed borders

MOVii, a fintech specialized in payment infrastructure, has positioned itself as a key player in the transformation of the financial ecosystem in Colombia. With an offering that covers card issuing, digital wallets, cross-border payments, and acquiring, the company has developed more than 20 technological solutions to facilitate the flow of money. “Our mission is for any person or merchant to be able to pay and receive payments digitally, regardless of their social status,” said Rubio.

Since its founding in 2002, MOVii began by operating banking correspondent networks in Colombia. However, the fintech boom allowed the company to adapt its services and contribute to the development of public policies that facilitated banking access for a larger number of Colombians. In 2017, MOVii became the first digital wallet in Colombia.

“We realized that the key was not just providing access to digital money, but also solving the acceptance gap for these payments,” Rubio noted.

Since then, it has brought more than 5 million people into the financial system, positioning itself as the third-largest digital wallet in Colombia. However, the company realized that it was not only about offering access to digital payments, but also ensuring that these payments could be accepted.

“That was when we decided to expand and fully commit to also operating as a processor and acquirer. We knew it was a market dominated by the same two traditional players as always, and we decided to enter as the third competitor, bringing more competition and dynamism to the ecosystem,” the executive explained.

Today, MOVii is a key player in payment technology in Colombia, processing transactions for global giants such as Uber, Netflix, and Spotify. “We evolved the model and created what we now call neo-acquiring. These technological and operational advantages have allowed us to capture 60% of Colombia’s e-commerce transactional market in just three years,” Rubio concluded.

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