Evertec

Stock performance

History

Evertec began in 1988 as the technology and payment-processing division of Banco Popular, which also built the ATH debit network that became ubiquitous in Puerto Rico. Popular sold a majority stake to private-equity firm Apollo in 2012, and Evertec listed on the New York Stock Exchange in 2013; it has since expanded across Latin America, including buying Brazil's Sinqia in 2023.

Business model

Evertec processes debit and credit card transactions, runs the ATH network and the popular ATH Móvil person-to-person payment app, provides merchant acquiring services, and offers core banking and other technology services to financial institutions and governments in Puerto Rico, the Caribbean, and Latin America.

Market position

Evertec is the leading payment processor in Puerto Rico and the Caribbean and one of the larger fintech infrastructure providers in Latin America, competing with global processors such as Fiserv and local players in each market.

Country impact

Evertec's ATH network and ATH Móvil app are part of daily life in Puerto Rico, handling a large share of the island's electronic payments, and its systems' resilience became critical during the long power outages after Hurricane Maria. It is one of the few Puerto Rico-based technology companies listed on a major US exchange.