TransNetwork bolsters LatAm presence with acquisition of Inswitch Group

The transaction involved the purchase of the shares of parent company Inswitch Holding Ltd., based in the UK, and which operates in more than 30 countries in Latin America, offering banking, digital payment and e-commerce services.

The value of the transaction was not disclosed, and the deal covers the jurisdictions of Uruguay, Chile, Colombia, Peru, Argentina, Brazil, Central America, the US and the UK.

“The transaction was challenging due to the growing importance of the fintech industry in Latin America and the regulatory changes it is experiencing in the region,” according to Chilean law firm Carey, which acted as counsel to TransNetwork.

“With the expansion of digital financial services and the increasing competition in the market, fintech companies are playing an increasingly relevant role in democratizing access to financial services in Latin America,” the firm added. “However, this growth has been accompanied by an evolution in financial regulations in several countries in the region, which seek to balance innovation and consumer protection.”

“The transaction between TransNetwork LLC and Inswitch Holding Ltd. stands out not only for its multi-jurisdictional scope but also for its ability to navigate and adapt to an evolving regulatory environment in the Latin American fintech industry,” the law firm stated.

Carey’s team comprised partners Francisco Ugarte, Alejandra Daroch, Francisco Arce, Juan Carlos Riesco and José Pardo, in addition to counsel Fernando García and associates Alicia Corbo, Agustín Figueroa, Franco Aguirre, Josefa Del Real, Benjamín Torres and Valentina Inostroza.

Law firm Guyer & Regules also acted as counsel to TransNetwork, with a team led by Florencia Castagnola and Rodrigo Varela, while Brigard Urrutia also counseled the company, and whose team was led by José Francisco Mafla.

Mayora & Mayora also acted as counsel to TransNetwork, with a team led by Jennifer Rodríguez, and Andrea Cuellar, while Veirano also acted as counsel, with a team led by Marcos Medeiros Coelho da Rocha, Alice Morrison Carvalho Bonatto, Eduarda Sordi Pinheiro Machado, Pamela Gerenutti de Campos Pinheiro, Luiza Nunes Lemos, and Rebeca da Silva Rocha Lima.

Estudio Rodrigo also acted as counsel to TransNetwork, with a team led by Nydia Guevara Villavicencio, Veronica Sattler C., Jacques D'Auriol Augusto and Fiorella Monge Sayán, while co-counsel Beccar Varela’s team was led by Franco Montiel, Rodrigo Mora and Mercedes Prince.

TransNetwork’s in-house team was led by general counsel José Cortés.