tapi Payment Infrastructure Reaches 92% of Banked Mexicans

Latin American fintech tapi announced its payment infrastructure now powers financial institutions serving 92% of Mexico's banked population. The milestone highlights the widespread adoption of common backend payment rails across traditional commercial banks and neobanks as the sector works to transition cash transactions into digital channels. By supporting both major universal banks and digital entities, tapi establishes a standardized B2B infrastructure layer for recurring utility payments, airtime top-ups, and service collections across Mexico's financial system.

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Latin American fintech tapi announced that financial institutions utilizing its processing platform collectively serve 92% of Mexico's banked population. The network reach spans global universal banks, regulated financial entities, and digital neobanks, positioning tapi's backend payment rails at the core of domestic commercial banking operations.

The expansion comes as Mexico faces a financial structure defined by historically high account ownership alongside persistent cash reliance. "The only way to transform the payment industry in Mexico is by being the engine of Mexican banking," stated Kevin Litvin, Chief Business Officer and Co-Founder of tapi. 

While financial inclusion in Mexico reached a record 76.5% of adults holding at least one formal financial product, approximately 80% of all national transactions continue to occur in cash. Commercial banks and regulated digital institutions serve as primary bridges for transitioning cash-based operations into the formal financial system. Operating as an enterprise infrastructure layer, tapi provides backend technology connecting financial institutions to corporate service providers, enabling users to query bill balances, process recurring utility payments, and execute airtime top-ups directly through banking applications.

"Banks are the ones who provide the face, the trust, and the relationship with millions of people; we provide the iron behind the curtain to make that inclusion possible," Litvin added. The company plans to deepen existing institutional integrations to convert current market penetration into higher transaction volumes and broader digital capabilities for banks, fintechs, and corporate billers.

Across Latin America — with active operations in Mexico, Argentina, Chile, Colombia, and Peru — tapi's processing network connects more than 20,000 corporate service providers and integrates 70,000 physical payment collection points, handling over 300 million transactions annually.

Hey Banco Partnership

The institutional milestone follows a strategic partnership with digital bank Hey Banco launched in Aug. 2026, which integrates recurring bill payment capabilities directly into the latter’s mobile application. The technical integration enables Hey Banco's 500,000 registered users to process routine payments for utility services — including electricity, water, telecommunications, tuition fees, and municipal taxes — within the primary banking interface via a single application programming interface (API).

As part of the ongoing rollout, tapi and Hey Banco are developing additional in-app functionality, including mobile airtime top-ups, scheduled future payments, and automated direct debit tools. The initiative addresses daily friction points in recurring billing, transferring manual cash-based utility payments into digital banking channels.

US$27 Million Series B Funding Round

tapi began the year by finalizing a US$27 million Series B funding round to scale its payment and collection network across Mexico. The Feb. 2026 investment round was led by Latin American venture capital firm Kaszek, with participation from Endeavor Catalyst, Latitud, and strategic investors, bringing tapi's total capital raised since its 2022 inception to over US$60 million.

A key allocation of the Series B funding is dedicated to scaling tapipay, a specialized collection platform designed for small and medium-sized enterprises (SMEs), insurance companies, and financial institutions requiring recurring billing automation. The company plans to deploy capital to expand its engineering structure, with technical personnel representing over 70% of its workforce, while expanding B2B payment rails for commercial banks, corporate billers, and retail distribution chains across Mexico.

Mexico Expansion Strategy 

The capital injection followed operational expansion in 2025, during which tapi reached profitability and completed the acquisition of Arcus assets from Mastercard. "In less than 18 months, we grew our billing and transacted volume tenfold, and reached profitability," Mindlin stated. "This round validates that growth and allows us to continue developing better technology, strengthen our operation in Mexico, and consolidate our regional leadership."

According to Mindlin, tapi has outlined three primary business units as the core focus of its innovation strategy. The first unit targets financial institutions, providing essential payment infrastructure for commercial banks and fintech companies. The second unit focuses on billers, assisting service providers and utility companies in managing recurring payments. Finally, the physical chains and tapipay division expands the reach of digital collections into the traditional retail sector.