The company’s latest investment accelerates
the Latin American expansion of its eCash business and exploits the
growing online banking opportunities in the region
Paysafe (NYSE:PSFE), a leading specialized payments platform,
today announces that it has signed a definitive agreement to
acquire PagoEfectivo, a market-leading, Peruvian alternative
payments (APM) platform. For Paysafe, this latest investment is 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 online banking solutions.
Paysafe’s 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; it offers over 70 payment types in over 40 currencies
around the world.
PagoEfectivo, 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 online banking payments that allow merchants
to offer alternative payment methods (APMs) at the check-out, in
turn enabling more consumers in the region, many of whom are
underbanked, to transact online. Founded in 2009, PagoEfectivo
payment options are now used by millions of Peruvians as well as
consumers in neighboring Ecuador where it also operates. Its
solutions are particularly popular with merchants operating in the
iGaming, digital goods, travel and eCommerce industries amongst
others.
As part of the deal, the PagoEfectivo team, including CEO,
Juan Fernando Villena, will join Paysafe and become part of the
company’s growing global eCash and online banking solutions
team.
“I am thrilled we are announcing this acquisition. The APM
market in Latin America is a thriving one and PagoEfectivo is a
market leader in eCash and online banking solutions and the team
also brings deep banking relationships and 140,000 distributor
partnerships across Peru and Ecuador. We continue to see increasing
demand from online merchants wanting to integrate the full payments
offering into their check-out, be that seamless card, wallet, cash
or bank transfer solutions – and to be able to do this
internationally across multiple markets. Once integrated, we
believe we will have the opportunity to add new revenues as we
cross-sell to each other’s international merchant bases,” commented
Udo Mueller, CEO of Paysafe’s eCash division.
Philip McHugh, CEO of Paysafe, added: “This acquisition
reinforces our strategy of investing in, and growing our core,
specialized offering in payments processing, digital wallets, eCash
and online banking solutions and gives us an important, strategic
foothold in Latin America; a region which is expanding fast in
eCommerce in general and specifically in the specialized vertical
industries such as iGaming, travel, entertainment and digital goods
which are very much our sweet spot. Our cloud-based technology
stack and global enterprise relationships will only help accelerate
PagoEfectivo’s very strong growth. We very much look forward to
welcoming the PagoEfectivo team onboard.”
Mariano Nejamkis, Grupo El Comercio’s General Manager of
Press and Digital Businesses, commented: “The sale of
PagoEfectivo has generated high levels of interest because of
PagoEfectivo’s excellent performance over recent years as well as
its future growth potential. This performance is the result of the
continuous growth of eCommerce in this region as well as our
Group’s ability to create compelling new digital brands and
products. I’m excited for the PagoEfectivo team as they embark on
this next stage of their journey, now as part of a specialized
payments company that is investing in alternative payments around
the world. On behalf of the entire Grupo El Comercio team, we wish
the team all the very best for the future; I believe this sale will
be a success story for all concerned.”
The transaction is expected to close by the end of August,
subject to customary closing conditions. Until then, the two groups
will continue to operate as independent organisations. Financial
terms of the transaction were not disclosed.
Estudio Rodrigo is serving as Paysafe’s legal and regulatory
counsel on the acquisition.
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 $92
billion in 2020, and approximately 3,400 employees located in 12+
global locations, Paysafe connects businesses and consumers across
70 payment types in over 40 currencies around the world. Delivered
through an integrated platform, Paysafe solutions are geared toward
mobile-initiated transactions, real-time analytics and the
convergence between brick-and-mortar and online payments. Further
information is available at www.paysafe.com.
About Paysafe’s eCash Division
Paysafe is a global market leader in the provision of eCash
payment solutions. The goal of its eCash division is to target
simple and secure online transactions through prepaid and online
cash solutions. Today, it is available to purchase in 700,000 sales
outlets in over 50 countries and its brands include paysafecard,
paysafecard account, paysafecard Mastercard® and Paysafecash.
Its original product, paysafecard, uses a 16-digit code and
enables customers to shop online without using an account or credit
card, protecting their confidential financial information. In 2018,
the paysafecard team developed Paysafecash allowing customers to
shop online first and then pay securely for their purchases with
cash at convenient, nearby payment points. Paysafecash is already
available in nearly 30 countries. In 2020, paysafecard and
Paysafecash reached a transaction volume of more than US$ 4.6
billion.
Further information is available at www.paysafecard.com
About PagoEfectivo
PagoEfectivo is based in Lima, Peru, and was founded in 2009. 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, but not limited to: the timing and
satisfaction of closing conditions in connection with the
transaction, the possibility that the transaction may not close,
economic and political conditions in the global markets in which we
operate, the possibility that integration following the transaction
may be more difficult than expected.; 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 . 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/20210802005446/en/
Press Kate Aldridge Kate.aldridge@paysafe.com +44 (0) 750
0797547
Investors Kirsten Nielsen kirsten.nielsen@paysafe.com +1
(646) 901-3140
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