- Acquisition creates a strategic foothold for Paysafe in
Latin America; combined with the recently announced SafetyPay
acquisition due to complete later in the year, the specialized
payments provider is set to become an eCash and open banking
payments leader in the region.
- The two acquisitions are also expected to drive multiple
cross-selling opportunities across all Paysafe business units,
enhancing long term growth prospects.
Paysafe (NYSE:PSFE), a leading specialized payments platform,
today announced that it has completed its acquisition of
PagoEfectivo, a market-leading, Peruvian-based alternative payments
(APM) platform. For Paysafe, the investment gives it a strategic
foothold in Latin America, one of the world’s fastest-growing
online markets where merchants and consumers alike are
demonstrating an increased appetite for alternative payment methods
and open banking solutions. Together with its recently announced
plans to acquire SafetyPay, the two Latin American investments
position Paysafe as a prominent payments partner in the region.
PagoEfectivo, formerly a subsidiary of Empresa Editora El
Comercio S.A., (“Grupo El Comercio”), is a market leader in Latin
America in the provision of eCash and open banking payments that
enable millions of consumers in the region, many of whom are
underbanked, to transact online. Founded in 2009, PagoEfectivo
payment options are now also used by consumers in neighboring
Ecuador and the company plans to expand into further Latin American
countries. Its solutions are particularly popular with merchants
operating in the iGaming, digital goods, travel and eCommerce
industries amongst others; closely mirroring the industries in
which Paysafe specializes.
The integration process of combining PagoEfectivo with Paysafe’s
eCash and Open Banking division under Udo Mueller will now commence
with PagoEfectivo CEO, Juan Fernando Villena accepting a new
leadership role within the division and the full team transferring
over. Once the SafetyPay transaction closes later in the year, the
expanded Paysafe eCash business will be able to offer eCash and
open banking solutions in over 60 countries with over one million
distribution points.
Philip McHugh, Paysafe’s CEO, commented: “This strategic
acquisition is a success on many levels for Paysafe. First, it
reinforces our strategy of building on our strengths in specialized
payments and growing our presence in fast-growing regions. Second,
it allows us to cross-sell more of our leading payments offering,
including digital wallets and payment processing services, to an
expanded merchant customer base that operates in industries we are
very focused on. Third, the addition of Juan Fernando and his team
to our eCash division brings us further talent and payments
expertise; no doubt about it, PagoEfectivo has an impressive track
record for growth, and for possessing the pioneering flair and
customer focus that we look for in Paysafe.”
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE:PSFE) (PSFE.WS) is a leading
specialised payments platform. Its core purpose is to enable
businesses and consumers to connect and transact seamlessly through
industry-leading capabilities in payment processing, digital
wallet, and online cash solutions. With over 20 years of online
payment experience, an annualised transactional volume of US $100
billion in 2020, and approximately 3,400 employees located in 12+
global locations, Paysafe connects businesses and consumers across
70 payment types in over 40 currencies around the world. Delivered
through an integrated platform, Paysafe solutions are geared toward
mobile-initiated transactions, real-time analytics and the
convergence between brick-and-mortar and online payments. Further
information is available at www.paysafe.com.
About Paysafe’s eCash Division
Paysafe is a global market leader in the provision of eCash
payment solutions. The goal of its eCash division is to target
simple and secure online transactions through prepaid and online
cash solutions. Today, it is available to purchase in 700,000 sales
outlets in over 50 countries and its brands include paysafecard,
paysafecard account, paysafecard Mastercard® and Paysafecash.
Its original product, paysafecard, uses a 16-digit code and
enables customers to shop online without using an account or credit
card, protecting their confidential financial information. In 2018,
the paysafecard team developed Paysafecash allowing customers to
shop online first and then pay securely for their purchases with
cash at convenient, nearby payment points. Paysafecash is already
available in nearly 30 countries. In 2020, paysafecard and
Paysafecash reached a transaction volume of more than US$ 4.6
billion.
Further information is available at www.paysafecard.com.
About PagoEfectivo
PagoEfectivo is based in Lima, Peru, and was founded in 2009.
Formerly a subsidiary of Grupo El Comercio, the payments platform
is a market leader in the provision of eCash and open banking
solutions in Latin America. Its solutions have empowered millions
of consumers in Peru to shop online, and, as a result, the company
has been growing exponentially over recent years. The platform
works through a reference payment code, which can be paid by the
end user through either online/mobile banking, bank agents or in
person at over 140,000 points of sale in Peru and Ecuador, the
latter of which it entered in 2019.
Further information is available at www.pagoefectivo.pe.
Forward-looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
any investor as, a guarantee, an assurance, or a definitive
statement of fact or probability. Paysafe Limited’s (“Paysafe,”
“PSFE” or the “Company”) actual results may differ from their
expectations and estimates and, consequently, you should not rely
on these forward-looking statements as predictions of future
events. Words such as “anticipate,” “appear,” “approximate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “foresee,”
“guidance,” “intends,” “may,” “might,” “plan,” “possible,”
“potential,” “seek,” “should,” “would” and variations of such words
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking.
These forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially, and potentially adversely, from those expressed or
implied in the forward-looking statements. While the Company
believes its assumptions concerning future events are reasonable, a
number of factors could cause actual results to differ materially
from those projected, including, the integration and outcome of the
PagoEfectivo and SafetyPay transactions; and other factors included
in the “Risk Factors” in our Form 20-F and in other filings we make
with the SEC, which are available at https://www.sec.gov. Readers
are cautioned not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. The Company
expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in their expectations with
respect thereto or any change in events, conditions, or
circumstances on which any statement is based, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210901005235/en/
Press contact Kate Aldridge Kate.aldridge@paysafe.com +44
(0) 750 0797547
Investor contact Kirsten Nielsen
kirsten.nielsen@paysafe.com +1 (646) 901-3140 Office: +44(0)203 934
9197 or Mobile +44(0)750 079 7547
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