The acquisition enables Paysafe to increase its scale in Latin America, taking advantage of the open banking and building on its recent acquisition of PagoEfectivo.
Paysafe expects the two acquisitions to drive multiple cross-selling opportunities across all its business units, enhancing long-term growth prospects.
Founded in 2007, SafetyPay operates primarily in Latin America and enables ecommerce transactions via a wide choice of open banking and ecash solutions. This latest deal sees Paysafe strengthen its strategic foothold in Latin America, building on its recently announced acquisition of Peruvian payments platform, PagoEfectivo.
The company now has a presence in 11 Latin American countries, with over 90 per cent bank coverage and over 180,000 cash collection points. It serves nearly 300 merchants primarily in the travel, entertainment and digital goods industries.
As part of the transaction, the entire SafetyPay team now transitions into Paysafe’s ecash and open banking solutions team which is headed up by Paysafe ecash CEO, Udo Mueller.
Reporting to Mueller, SafetyPay’s CEO, Gustavo Ruiz Moya, becomes CEO of ecash for Latin America and global head of open banking.
Philip McHugh, Paysafe’s CEO, said: “We’re very excited by what SafetyPay adds to our group as part of our global real-time banking solutions. We believe that together we will find extensive cross-sell opportunities for online merchants who are looking to expand into new markets. We also see huge potential to offer SafetyPay solutions to some of our largest existing customers, particularly those looking for growth in fast-growing Latin America.”
Gustavo Ruiz Moya, SafetyPay’s CEO, added: “Becoming part of the Paysafe Group will help us build on SafetyPay’s leadership to date and accelerate our future growth. It’s also an immense opportunity being able to join forces with PagoEfectivo in Latin America, as well as the wider ecash team, to exploit the many opportunities we see as the nascent open banking ecosystem continues to open up across the continent.”
Paysafe’s ecash business is now able to offer its solutions in 60 countries with over one million distribution points.
This deal comes after the company finalised its SPAC merger with Foley Trasimene in April, allowing it to go public on the New York Stock Exchange.