Paysafe initially agreed to the acquisition in August.
This is the latest LATAM acquisition by Paysafe, which announced its procurement of SafetyPay in August. This is set to close later in 2021. Both deals follow PaySafe going public through a merger with Foley Trasimene Acquisition Corp earlier this year.
With the PagoEfectivo and SafetyPay acquisitions, Paysafe said it aims to become a specialised eCash and open banking payments platform throughout LATAM.
The integration will begin with Juan Fernando Villena, PagoEfectivo CEO, taking on a new role in the division.
“This strategic acquisition is a success on many levels for Paysafe,” said Philip McHugh, CEO of 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.”
He added, “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.”