Paysafe signs definitive agreement to acquire PagoEfectivo
By Pavithra R
Paysafe, a leading specialized payments platform, has announced signing a definitive agreement to acquire PagoEfectivo, a market-leading, Peruvian alternative payments (APM) platform. Financial terms of the transaction were not disclosed. The transaction is expected to close by the end of August, subject to customary closing conditions.
For Paysafe, the step marks a strategic foothold in Latin America, one of the world’s fastest-growing online markets where merchants and consumers alike are demonstrating an increased appetite for alternative payment methods and online banking solutions.
“I am thrilled we are announcing this acquisition. The APM market in Latin America is a thriving one and PagoEfectivo is a market leader in eCash and online banking solutions and the team also brings deep banking relationships and 140,000 distributor partnerships across Peru and Ecuador. We continue to see increasing demand from online merchants wanting to integrate the full payments offering into their check-out, be that seamless card, wallet, cash or bank transfer solutions – and to be able to do this internationally across multiple markets. Once integrated, we believe we will have the opportunity to add new revenues as we cross-sell to each other’s international merchant bases,” commented Udo Mueller, CEO of Paysafe’s eCash division.
Paysafe’s core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. The firm offers over 70 payment types in over 40 currencies globally.
“This acquisition reinforces our strategy of investing in, and growing our core, specialized offering in payments processing, digital wallets, eCash and online banking solutions and gives us an important, strategic foothold in Latin America; a region which is expanding fast in eCommerce in general and specifically in the specialized vertical industries such as iGaming, travel, entertainment and digital goods which are very much our sweet spot. Our cloud-based technology stack and global enterprise relationships will only help accelerate PagoEfectivo’s very strong growth. We very much look forward to welcoming the PagoEfectivo team onboard,” said Philip McHugh, CEO of Paysafe.
As part of the deal, the PagoEfectivo team, including CEO, Juan Fernando Villena, will join Paysafe and become part of the company’s growing global eCash and online banking solutions team.
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October 18, 2021
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