Santander's PagoNxt Acquires MIT to Expand Getnet Merchant Payments in LATAM

On September 13, 2021, PagoNxt, the payments technology subsidiary of Santander Group, announced the acquisition of a 70% stake in MIT, a technology company that serves as a key partner for merchant payment processing. The deal is designed to accelerate the expansion of Getnet, PagoNxt's merchant acquiring platform, across Mexico and broader Latin America. MIT's technology capabilities and local market expertise will support Getnet's embedded payments infrastructure for merchants in the region.

PagoNxt operates as a standalone fintech within the Santander banking group, representing a model where a traditional bank creates a fintech subsidiary to compete in embedded payments. Financial terms beyond the 70% stake were not disclosed. The acquisition positions Getnet to challenge established acquirers in the high-growth Latin American merchant payments market.

This deal illustrates how major banks are using fintech-style subsidiaries and targeted acquisitions to build embedded payment ecosystems.