SANTO DOMINGO. – Grupo Popular announced today the acquisition of the fintech company GCS International, a strategic operation that is part of the process of diversification, expansion and stability of the businesses of this financial group, both locally and internationally, announced in 2019.
By combining the existing synergies of Grupo Popular with GCS International as a new subsidiary, both organizations strengthen their value proposition for businesses, companies and users of their platforms, contributing more innovative ideas to the financial system and driving digital transformation with new products to promote financial inclusion in the Dominican Republic and the region, explains Popular in a press release.
Expansion according to strategic plans
"This expansion of Grupo Popular consolidates its position as the benchmark for innovation in the Dominican Republic's financial system, reaching a milestone, as supported by its strategic plans and the vision announced by its Board of Directors after the organizational changes of May 2019, whose horizon is to prepare the financial group for a new decade of growth," the press release states.
He explains that as part of the growth plan, in November 2022 Grupo Popular launched Qik, the first neobank in the Dominican Republic and the national financial system, with more than 230,000 people who have requested its products to date, thanks to its simpler cost structure which, compared to traditional banking, allows it to pass on more benefits to its clients, accelerating access to financial products for the entire population.
Meanwhile, Servicios Digitales Popular, a subsidiary of Grupo Popular, expanded its product portfolio in 2016 with the acquisition of Avance Capital Comercial, which provides businesses with access to working capital through their card sales, quickly, easily and flexibly, and complements its digital payments service under the AZUL brand.
Contributions of GCS International to the Popular Group
GCS Internacional is a Dominican company that is a pioneer in the field of financial inclusion through technology, committed to digital transformation and a leader in the fintech business segment , having a presence in the country since 2009 and also in Guatemala since 2019.
Through various agreements, it offers its services to mobile phone companies, banks, service billers, insurance companies, acquiring companies, non-profit institutions and other specialized companies.
This company currently has over 478 million processed transactions and one million users across its various technology platforms, both in the Dominican Republic and abroad. To date, more than five million Dominicans have benefited from its portfolio of solutions.
Fintech boasts innovative business developments that promote greater access to financial services through a wide range of comprehensive solutions offered by digital channels specialized in processing multiple types of transactions on a large scale, such as the tPago and tPresto platforms and the Mi Punto network of banking sub-agents, which has a national coverage of more than 700 affiliated businesses.
In addition, among their innovations, they develop inclusion solutions for the unbanked population, such as person-to-person transfers with QR codes, contactless payments, or customized mobile wallets that allow linking a virtual prepaid account to a cell phone, Popular details.
