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.
Paysafe’s core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallets, eCash and online banking solutions. It offers over 70 payment types in over 40 currencies around the world.
On completion of the deal, the SafetyPay team will transition into Paysafe’s expanding eCash and online banking solutions’ team which is headed up by Paysafe eCash CEO, Udo Mueller. At that time, SafetyPay’s CEO, Gustavo Ruiz Moya, will become CEO, eCash for Latin America and Global Head of Open Banking, reporting into Mueller.
The enlarged Paysafe eCash business will be able to offer eCash and open banking solutions in over 60 countries with over one million distribution points.
“We are very excited to welcome SafetyPay into the Paysafe family. The team has successfully built a market-leading payment platform that has become the de facto open banking solution for Latin America. We look forward to partnering with Gustavo and the team to continue to build eCash and online banking solutions across LATAM and beyond,” commented Philip McHugh, CEO of Paysafe.
“Furthermore, by combining the capabilities and open banking network of both SafetyPay and PagoEfectivo with our existing solutions in processing, digital wallets and eCash, along with our deep expertise in specialized verticals such as iGaming, travel and digital goods, we can become the true market leader in the region and provide merchants with unique and powerful combinations to grow their business,” added McHugh.
“We are really pleased to see SafetyPay and PagoEfectivo become part of Paysafe and expand our payment solutions across card payment processing, digital wallets, eCash and online banking payments with a strong foothold in high growth Latin American markets,” commented Bill Foley, Chairman of Paysafe’s Board of Directors.
“We see exciting synergies in key industry verticals like iGaming where we want to win. From the start, we have had a plan to grow in areas where we can achieve scale through operational efficiency. It is great to see the team execute and create more opportunities for growth,” concluded Bill Foley.
Source: GMB
