Paysafe, a specialised payments platform, today revealed that it has agreed to acquire SafetyPay for $441 million in an all-cash transaction.
Payments platform SafetyPay operates primarily in Latin America and allows eCommerce transactions via an unrivalled choice of open banking and eCash solutions. The acquisition strengthens Paysafe’s strategic foothold in the region, building on the acquisition of Peruvian payments platform, PagoEfectivo. The two deals position Paysafe to become the leading open banking and eCash solutions provider in one of the world’s fastest-growing online markets – Latin America.
Paysafe currently offers more than 70 payment types in more than 40 currencies around the world.
Founded in 2007, SafetyPay is an eCommerce payments platform aiming to enable millions of consumers to use alternative payment methods (APMs), such as bank transfer and eCash solutions, to make online purchases.
The company has established presence in 11 countries in the Latin American region and operates with more than 90% bank coverage and over 180,000 cash collection points. It serves 300 merchants primarily in the travel, entertainment and digital goods industries.
When the transaction is complete, Paysafe will be positioned to capture share of the nascent open banking market by integrating further Paysafe services and solutions into the region’s payments ecosystem including its digital wallet and gateway capabilities.
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. 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.
The SafetyPay team will move to Paysafe’s eCash and online banking solutions’ team, led by Paysafe eCash CEO, Udo Mueller. SafetyPay’s CEO, Gustavo Ruiz Moya, will then become CEO, eCash for Latin America and Global Head of Open Banking, and report directly to Mueller.The eCash business combined with SafetyPay will beable to offer eCash and open banking solutions in more than 60 countries with over one million distribution points.
Bill Foley, Chairman of Paysafe’s Board of Directors, said:
Bill Foley
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. 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.
The deal is expected to close in fourth quarter of 2021.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
