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August 3, 2021updated 21 Jul 2022 6:59am

Paysafe brokers deal to buy alternative payments player PagoEfectivo

Paysafe has entered into a definitive agreement to acquire Peruvian alternative payments (APM) platform PagoEfectivo for an undisclosed sum.

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The transaction is expected to close at the end of this month.

Founded in 2009, PagoEfectivo is a subsidiary of Empresa Editora El Comercio (Grupo El Comercio).

The firm specialises in the provision of eCash and online banking payments that enables merchants to offer APMs at the check-out.

Its solutions are particularly utilised by merchants in the travel, digital goods, iGaming and eCommerce industries, among others.

Besides Peru, PagoEfectivo also operates in Ecuador.

Paysafe said that the latest investment establishes a ‘strategic foothold’ for the firm in Latin America.

The firm is looking to enable businesses and consumers to connect and transact through capabilities in payment processing, digital wallet, and online cash solutions.

It offers over 70 payment types in over 40 currencies across the globe.

Paysafe CEO Philip McHugh said: “This acquisition reinforces our strategy of investing in, and growing our core, specialised offering in payments processing, digital wallets, eCash and online banking solutions and gives us an important, strategic foothold in Latin America; a region which is expanding fast in eCommerce in general and specifically in the specialised vertical industries such as iGaming, travel, entertainment and digital goods which are very much our sweet spot.”

As part of the deal, PagoEfectivo CEO Juan Villena and his team will join Paysafe. They will be part of the company’s global eCash and online banking solutions team.

Grupo El Comercio general manager of press and digital Businesses Mariano Nejamkis added: “I’m excited for the PagoEfectivo team as they embark on this next stage of their journey, now as part of a specialised payments company that is investing in alternative payments around the world.

“On behalf of the entire Grupo El Comercio team, we wish the team all the very best for the future; I believe this sale will be a success story for all concerned.”

In July last year, Paysafe agreed to acquire US-based payment technology company Openbucks to fuel its expansion in the US.

Last month, the firm partnered with cryptoasset risk management firm Elliptic to support cryptocurrency payments compliance.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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