Paysafe (NYSE:PSFE), a leading specialized payments platform, today announced the completion of its SafetyPay acquisition.
SafetyPay is a leading payments platform operating primarily in Latin America that enables eCommerce transactions via a wide choice of open banking and eCash solutions. For Paysafe, this latest deal further strengthens its strategic foothold in Latin America, building on its recently announced acquisition of Peruvian payments platform, PagoEfectivo. 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.
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 transfers and eCash solutions, to make online purchases. It now has a presence in 11 Latin American countries and operates via an unparalleled network of banks, with over 90 percent bank coverage and over 180,000 cash collection points. It serves nearly 300 merchants primarily in the travel, entertainment, and digital goods industries.
With the transaction closing, Paysafe gains further scale in the fast-growing Latin American eCommerce market, where merchants and consumers alike are showing an increasing appetite to use eCash solutions to transact online. Further, with SafetyPay’s unrivalled network of bank relationships in Latin America, Paysafe is uniquely positioned to capture share of the nascent open banking market by integrating further Paysafe services and solutions including its digital wallet and gateway capabilities.
As part of the transaction, the entire SafetyPay team now transitions into Paysafe’s eCash and open banking solutions team which is headed up by Paysafe eCash CEO, Udo Mueller. Reporting into Mueller, SafetyPay’s CEO, Gustavo Ruiz Moya, becomes CEO, eCash for Latin America and Global Head of Open Banking.
Philip McHugh, Paysafe’s CEO, commented: “We’re very excited by what SafetyPay adds to our group as part of our global real-time banking solutions. 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.”
Gustavo Ruiz Moya, SafetyPay’s CEO, 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.”
Paysafe’s eCash business is now able to offer its solutions in around 60 countries with over one million distribution points.