BlueKite, a Miami-based payments technology provider, announced that it has purchased the bill-payment technology provider RedCycle Networks.
BlueKite plans to use RedCycle's technology to provide more options for U.S. residents who send money to friends and family in other countries, it said in a Feb. 6 press release. BlueKite already supports cross-border bill payments for Mexico, Guatemala, Honduras and El Salvador.
"The acquisition of RedCycle Networks strengthens our presence and fits with our mission to provide consumers more options to direct and control the remittances they send back home," said Jose Vargas, co-founder and president of BlueKite, in the release. "From a business standpoint, the acquisition brings together a leading proprietary technology platform that BlueKite will be able to scale and an experienced team."
Camilo Saravia, RedCycle's founder, will lead the RedCycle team and join BlueKite as its vice president of product and biller integrations. Kyle Passarelli, RedCycle's chief technology officer, will become BlueKite's vice president of engineering.
BlueKite did not say in its announcement how much it paid for RedCycle. BlueKite last month announced a $1.5 million seed round led by its founders and PeopleFund.