British digital payments firm PPRO has purchased allpago, a Latin American peer.
The companies did not reveal the value of the deal.
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allpago is said to serve 90% of the Latin American market through its payment and gateway services.
With the takeover, PPRO adds new local payment methods (LPMs) to its offering.
This enables the firm to take a step ahead in reaching its goal of becoming a global platform with direct integrations into all key local payment methods across the globe.
allpago founder and CEO Philipp Bock said: “Latin America’s economy is one of the most exciting emerging regions in the world. 156 million people are expected to buy goods and services worth US $80 billion online by the end of 2019.
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By GlobalData“It is a part of the world that holds huge potential for PPRO to build a thriving presence.”
The merged group will comprise over 200 employees.
As part of the deal, Bock will become a shareholder of PPRO.
PPRO CEO Simon Black said: “Given allpago’s proven track record of success, we are sure of a highly successful combination and we are delighted to join forces with such a fantastic team. This deal is very strategic and a real case of ‘1+1= 3’.
“We have seen an increasing demand for the integration of Latin American LPMs and this deal will provide our customers with access to local payments, worldwide through one contract and one integration.”
