Paysafe acquires SafetyPay for $441m as LatAm expansion continues

| By Marese O'Hagan
Payment platform Paysafe has announced its acquisition of e-commerce payment provider SafetyPay in a $441m (£374.2m/€518.7m) all-cash transaction.

SafetyPay provides e-commerce transactions through open banking and ecash solutions in 11 Latin American countries.

This is the latest Latin American acquisition for Paysafe, following its deal to acquire Peru-based Pago Efectivo earlier this month.

“We are very excited to welcome SafetyPay into the Paysafe family,” said Philip McHugh, CEO of Paysafe. “The team has successfully built a market-leading payment platform that has become the de facto open banking solution for Latin America.”

“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.”

Once the acquisition is complete, Paysafe will be able to offer ecash solutions in over 60 countries.

“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,” said Bill Foley, chairman of Paysafe’s board of directors.

“We see exciting synergies in key industry verticals like iGaming where we want to win.”

Paysafe went public in March after its merger with special purpose acquisition company Foley Trasimene Acquisition Corporation..

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