Latin America-based fintech, PayRetailers, has acquired Brazilian payment outfit, Transfeera. The transaction is subject to approval by the Administrative Council for Economic Defense and the Central Brank of Brazil.

The deal is part of PayRetailers’ strategic plan to grow in Brazil. In April, the company received a license from the Central Bank of Brazil to operate as a payment institution (IP). Transfeera will continue to operate its services and will become part of PayRetailers group upon the closing of the transaction.

“We have already added some global acquisitions. The time has come to consolidate our leadership in Brazil as the largest processor of high-complexity payments, offering an even wider range of products. We should soon announce new acquisitions on other continents, consolidating our position as a reference in payment methods,” said Juan Pablo Jutgla, founder and CEO of PayRetailers.

Founded in 2017, Transfeera offers platform and technology solutions for payment processing and bank data validation. Transfeera brings more than 450 new customers and 62 employees. It expands PayRetailers’ structure to 100 employees in Brazil and 550 worldwide, distributed across ten offices.

Fernando Nunes, co-founder and CEO of Transfeera, added: “As Transfeera, we gain access to a vast expertise in the development and offering of banking products. This certainly advances us in building competitive advantages against the market. Together, we aim to accelerate our journey of technological innovation, providing the market with innovative, safe, and efficient solutions.”

Operating in more than 20 countries in Latin America and Africa, PayRetailers aims to double its number of employees in Brazil by 2025 and expand its services to Brazilian companies.

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