The team has successfully built a market-leading payment platform that has become the de facto open banking solution for Latin America. "We are very excited to welcome SafetyPay into the Paysafe family. The enlarged Paysafe eCash business will be able to offer eCash and open banking solutions in over 60 countries with over one million distribution points. At that time, SafetyPay’s CEO, Gustavo Ruiz Moya, will become CEO, eCash for Latin America and Global Head of Open Banking, reporting into Mueller. On completion of the deal, the SafetyPay team will transition into Paysafe’s expanding eCash and online banking solutions’ team which is headed up by Paysafe eCash CEO, Udo Mueller. Further, with SafetyPay having established relationships with more banks in Latin America than any other payments provider, Paysafe will be uniquely positioned to capture share of the nascent open banking market by integrating further Paysafe services and solutions into the region’s payments ecosystem including its digital wallet and gateway capabilities. Upon completion of the transaction, Paysafe will have scale and a leading presence in the fast-growing Latin American eCommerce market, where merchants and consumers alike are showing an increasing appetite to use open banking and eCash solutions to transact online. It serves nearly 300 merchants primarily in the travel, entertainment, and digital goods industries. It now has a presence in 11 Latin American countries (with additional coverage in Europe, see below*), and operates via an unparalleled network of banks, with over 90 per cent bank coverage, and over 180,000 cash collection points. SafetyPay was founded in 2007 as an eCommerce payments platform with the mission to enable millions of consumers to use alternative payment methods (APMs), most notably bank transfer and eCash solutions, to make online purchases. It offers over 70 payment types in over 40 currencies around the world. Paysafe’s core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallets, eCash and online banking solutions. Together the two acquisitions set Paysafe up to be the leading open banking and eCash solutions provider in Latin America, one of the world’s fastest-growing online markets. For Paysafe, this latest deal strengthens its strategic foothold in Latin America, building on its recently announced acquisition agreement with Peruvian payments platform, PagoEfectivo.
SafetyPay is a leading payments platform that enables eCommerce transactions via an unrivalled choice of open banking and eCash solutions, operating primarily in Latin America. LONDON, August 16, 2021-( BUSINESS WIRE)-Paysafe (NYSE:PSFE) ("the company"), a leading specialized payments platform, today announced that it has signed a definitive agreement to acquire SafetyPay for USD 441 million in an all-cash transaction. Transaction expected to drive multiple cross-selling opportunities across all Paysafe business units, enhancing long term growth prospects. Latest acquisition enables Paysafe to further scale in the high-growth Latin American region, taking advantage of the nascent open banking eco-system and building on its acquisition of PagoEfectivo.