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Israeli FinTech Nayax acquires VMtecnologia, expands in LatAm

By Delisha Fernandes

May 03, 2024

  • Acquisition
  • Cashless Payments
  • Contactless Payments
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NayaxNayax, a global commerce enablement, payments, and loyalty platform, has completed its acquisition of VMtecnologia, a technology provider for the automated self-service payments industry in Brazil, for $22 million.

This strategic acquisition, first announced in March, marks a significant step in Nayax’s expansion into the Latin American market. By entering the Latin American market with a strong and immediate market presence, Nayax aims to leverage VMtecnologia’s established position, serving over 2,400 retailers in diverse industries across all 27 states in Brazil and more than 466 cities as of the end of February 2024.

“The completion of the VMtecnologia acquisition marks a significant milestone in Nayax’s strategic expansion into Latin America. Leveraging our nearly two decades of expertise in the payments industry, we are committed to enhancing the Brazilian market with innovative solutions and are excited about further deepening our presence in this key region over the coming years. Under VMtecnologia CEO Eduardo Muniz’s seasoned leadership, we are poised to make substantial advancements in the automated self-service payments space in Latin America,” said Yair Nechmad, Nayax Chief Executive Officer and Chairman of the Board.

“Joining forces with Nayax represents a transformative step for our growth. With today’s strategic partnership, we transition into a new era where we are firmly backed by the global leader in automated self-service payments. Nayax’s cutting-edge technology and expertise in payments will propel us into the next phase of our expansion. We are eager to introduce our customers to a broader range of products, diversified payment options, and enhanced consumer loyalty programs,” said Eduardo Muniz, Chief Executive Officer of VMtecnologia.

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