UK-based payments platform Paysafe has completed its previously announced acquisition of SafetyPay, a deal that will further strengthen its foothold in Latin America.

The deal closed more than five months after Paysafe signed a deal to acquire the e-commerce payment platform for $441m.

Established in 2007, SafetyPay enables ecommerce transactions through open banking and eCash solutions. Now, it has a presence in 11 Latin American countries.

The deal follows Paysafe’s recent purchase of PagoEfectivo, a Peruvian payments platform.

Paysafe said that the two deals are expected to drive multiple cross-selling opportunities across all its business units and establish it as a leading open banking and eCash solutions provider in Latin America.

Paysafe CEO Philip McHugh said: “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.

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By GlobalData

“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.”

The company stated that the entire SafetyPay team will now migrate to Paysafe’s eCash and open banking solutions team.  Paysafe is now able to offer its eCash solutions in about 60 countries with more than one million distribution points.