Paysafe completes acquisition of PagoEfectivo as it eyes Latin American growth
Paysafe, one of the largest digital payment providers, has announced that it has completed the acquisition of the Peruvian company PagoEfectivo, which is into the alternative payments space.
It may be noted that the company had recently acquired another payments company from the Latin American region, SafetyPay, and this acquisition is expected to complete towards the end of the year. Paysafe would then command a decent presence in the region which it could then use for further expansion and growth in a region that is ripe for a technology disruption as far as the payments space is concerned.
Philip McHugh, Paysafe’s CEO, commented: “This strategic acquisition is a success on many levels for Paysafe. First, it reinforces our strategy of building on our strengths in specialized payments and growing our presence in fast-growing regions. Second, it allows us to cross-sell more of our leading payments offering, including digital wallets and payment processing services, to an expanded merchant customer base that operates in industries we are very focused on. Third, the addition of Juan Fernando and his team to our eCash division brings us further talent and payments expertise; no doubt about it, PagoEfectivo has an impressive track record for growth, and for possessing the pioneering flair and customer focus that we look for in Paysafe.”
PagoEfectivo was founded in 2009 and is mainly used by merchants in the iGaming, digital goods, and travel space. It is a market leader in the Latin American region as far as eCash and open banking payments are concerned and this platform will now be integrated with the Paysafe platform with the whole team moving over and PagoEfectivo CEO, Juan Fernando Villena accepting a new leadership role within the division.
This seems to be the right move at the right time as far as Paysafe is considered as the Latin American region does lag behind the rest of the developed world in terms of technology in general and payments in particular. With the digital payments space expected to boom in the coming years all around the world, this region is likely to be no exception to that and so the company seems to be setting itself up nicely by these 2 acquisitions so that it can capture a part of the market as and when the explosive growth comes in.