Paysafe (NYSE: PSFE) has signed a definitive agreement to purchase Peruvian –based payments platform, PagoEfectivo. This is the latest strategic investment for the company to expand its reach in Latin America, which is among the fastest-growing online markets where consumers and merchants are showing an enhanced appetite for online banking and alternative payments methods.
Paysafe looking to expand in Latin America
Paysafe’s main goal is to make it easy for consumers and businesses to interact and trade by providing industry-leading payment processing, e-wallet, and online money solutions. It accepts approximately 70 different payment types across over 40 different currencies all over the world.
PagoEfectivo, Empresa Editora El Comercio S.A. subsidiary, is a Latin America market leader for online banking and eCash payments, which enable merchants to accept alternative payment methods at the point of sale. As a result, this allows more customers in Latin America, most of whom are underbanked, to conduct business digitally. Millions of Peruvians, as well as customers in nearby Ecuador, currently use PagoEfectivo payment alternatives. Its products are top-rated among merchants in the iGaming, eCommerce, digital goods, and travel industries.
PagoEfectivo team to join Paysafe as part of the deal
The PagoEfectivo team will join Paysafe as part of the transaction, including its CEO Juan Fernando Villena. They will be part of Paysafe’s growing online banking and eCash solutions team.
Paysafe CEO Udo Mueller said, “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.”
