Tesoro Enterprises, announced that HUMBL, LLC (“HUMBL”) and Bexs Bank (“Bexs”) have agreed to a joint venture to expand their digital customer and merchant services divisions between the United States and Latin America, reducing payment costs and processing speeds for customers across these gateways.
Headquartered in São Paulo, Brazil, Bexs is specialized in integrating local payments processing and FX transactions for global businesses and processing an estimated $7.6 Billion per year in international transactions. Through a unique API Platform, Bexs’ solution provides the collection of Brazilian currency via local payment methods, helping companies to connect with customers in the digital world.
HUMBL, a US-based global payments network, that was recently named a Forbes Startup to Watch in 2020, is launching a HUMBL® mobile wallet and HUMBL Hubs® contactless merchant software platform to reduce the time and costs of sending, receiving and exchanging money.
“Despite the rapid consumer adoption of mobile applications like Uber, Tik Tok and Instagram in Brazil, the vertical of domestic and cross-border payments remains a core element of friction for Brazilian consumers and merchants that needs more mobile applications like HUMBL®” said Luiz Henrique Didier Jr., CEO of Bexs Bank.
“There are a variety of complex financial and payment systems that still require 210 million Brazilians to do things in-person or through multi-step banking processes that can be delivered more simply via HUMBL® and HUMBL Hubs™ software, powered by Bexs leading digital payment and foreign exchange engines.”
The partnership will utilize the full technology stack of HUMBL products including the HUMBL® and HUMBL Hubs® applications, to deliver faster, less expensive payment and financial services gateways between the USA and Latin America.
“What we have discovered in the Latin American market, is that both domestic and cross-border transactions are unnecessarily complex”, said Michele Rivera, Vice President of Global Partnerships for HUMBL. “We’re proud to be working on these high-speed rail solutions with Bexs who is a recognized leader in banking and foreign exchange solutions for Latin America.”