Following its September acquisition of Peruvian paytech PagoEfectivo, payments platform Paysafe continues to spread itself evenly across LATAM’s booming online sales market with the completion of its most recent acquisition of SafetyPay.
The rise of e-commerce is sweeping across LATAM, with some emerging markets forecast to grow by as much as 80 per cent each year until 2025. In such a promising environment, it’s expected that many established players in the payments world will be looking to seize an opportunity.
Having previously acquired the Peruvian eCash and open banking payments provider PagoEfectivo, it’s unsurprising that Paysafe has now completed a similar deal with a similar kind of company. SafetyPay is a payments platform, also based in LATAM, that enables e-commerce transactions to happen via open banking and eCash solutions. It holds a presence in a total of 11 countries in the region and operates through 180,000 cash collection points and a web of interconnected banking networks.
For Paysafe, this latest deal further strengthens its strategic foothold in one of the world’s fastest-growing online markets, where merchants and consumers alike are showing an increasing preference towards using eCash solutions to transact online.
“We’re very excited by what SafetyPay adds to our group as part of our global real-time banking solutions,” comments Paysafe’s CEO Philip McHugh. “We believe that together we will find extensive cross-sell opportunities for online merchants who are looking to expand into new markets. We also see huge potential to offer SafetyPay solutions to some of our largest existing customers, particularly those looking for growth in fast-growing Latin America.”
With the two teams now merged, operations will be overseen by Paysafe eCash CEO Udo Mueller, whilst SafetyPay’s CEO, Gustavo Ruiz Moya, is set to become CEO of eCash for Latin America and Global Head of Open Banking.
Moya added: “Becoming part of the Paysafe Group will help us build on SafetyPay’s leadership to date and accelerate our future growth. It’s also an immense opportunity being able to join forces with PagoEfectivo in Latin America, as well as the wider eCash team, to exploit the many opportunities we see as the nascent open banking ecosystem continues to open up across the continent.”