Celebrating a Decade of Innovation: CX Pay’s Journey from Startup to Fintech Leader

Today marks a significant milestone in CX Pay’s journey as we celebrate our 10th anniversary! Over the past decade, we have evolved from a small startup into a key player in the fintech and e-commerce sectors in the Caribbean and beyond. This article reflects on our journey, highlights key achievements, and looks forward to the future.

The Beginnings

CX Pay was founded on August 14th, 2014. Luis Santine and David B. Levy Maduro started with a vision to support local merchants navigating the exploding e-commerce landscape. Luis, with a background in banking, and David, with expertise in online gambling and e-commerce, combined their talents to create a regional solution for merchants. Luis reflects: "Even though the original vision for CX Pay was slightly different, we soon realized that e-commerce in the region was about to take off. It's exciting to see how the thought-out strategy has worked out after all these years, and what started as a solution for local (Dutch Caribbean) merchants has expanded to a regional offering across 20+ markets in the LAC region, enabling merchants across all verticals to participate and grow their business through e-commerce."

David adds: “Our vision was centered on action rather than just words. At CX Pay, we don’t just talk about innovation; we make it happen. This principle has guided us from the start and continues to drive our growth and development. We are continuously seeking new ideas and approaches to solve existing problems or seize new opportunities. We work with passion, stay open-minded, and aren't afraid to step out of our comfort zone. Innovation is at the heart of what we do—after all, innovation knows no history.”

Richard Child , partner at CX Pay and former President LAC at Mastercard, shares his perspective: “When I first met the CX Pay team, namely David and Luis, I was struck by their conviction that they could provide valuable services to a large section of the merchant base in the Caribbean. While e-commerce was available, there was a significant group of merchants wanting to sell goods and services via e-commerce. Luis and David had a clear vision of what they wanted to achieve and how to do it. Over the years, they have built a formidable, service-centric business. What began as a small operation servicing a few merchants has evolved into a major business catering to hundreds of companies, both large and small, throughout the Caribbean and beyond.”

Challenges and Growth

“In the early days of CX Pay, we faced numerous challenges that, in many ways, continue to persist today. The biggest challenge was convincing the local banks to partner with CX Pay. Merchants often gravitate towards established names like PayPal and Stripe, even though CX Pay offers world-class service and technology that rivals these international giants. We overcame these challenges by continuously enhancing our solutions and offerings, adopting a personalized approach that ensures no merchant is overlooked or deemed irrelevant,” says David.

David continues: “Every achievement we've made at CX Pay is a milestone, from signing up each new merchant to penetrating new markets and engaging with new acquiring partners. We’re proud to have onboarded merchants across 29 islands and countries, assisting over 40 types of businesses and processing more than 1 million transactions annually. Our payment processing volume has grown significantly, reflecting our commitment to driving e-commerce forward. But also, the growth of our own CX Pay family, from just Luis and me to a great team of 7 on a daily basis, not counting the partners and outside developers who assist on special projects.”

Innovation and Impact

Over the years, CX Pay has introduced several groundbreaking solutions, including our advanced gateway, CX 2 Fund for secure fundraising, CX Events for ticket sales and cashless payment solutions, and CX PayMe — a soon to be launched e-wallet that consolidates all payments into one secure, user-friendly platform.

Luis reflects on CX Pay’s impact: “A respected colleague in this industry once told us that innovation has no history. It's exciting to know that with the initial plan, we had with CX Pay 10 years ago, we have managed to write history with payment innovation. CX Pay's drive and determination are unparalleled. One step at a time and with countless hurdles along the way, CX Pay has led the way in e-commerce and will continue to stretch the limits of e-payments, empowering entrepreneurs and enabling merchants across the region.”

Our Purpose

At CX Pay, we believe that online business and payment should be safe, effortless, and accessible to every merchant, big or small. This purpose drives us to continuously innovate and provide solutions that meet the evolving needs of merchants across diverse markets.

Looking Ahead: The Next 10 Years

David looks forward: “We envision a future where fintech continues to push the traditional models to innovate and collaborate to create new opportunities.

4 Words come to mind: Inclusiveness, Accessible, Collaborative and Transparent.

CX Pay is committed to being at the forefront of this change, consistently driving innovation in e-payments within the region. The next ten years will be crucial in shaping the future of e-commerce and financial technology, and we’re excited to continue playing our role in this evolution.”

THANKS FOR BEING PART OF THIS JOURNEY!