Paysafe buys online payment company SafetyPay for $441M

For Paysafe, this latest deal strengthens its strategic foothold in Latin America, building on its recently announced acquisition agreement with Peruvian payments platform, PagoEfectivo.  Together the two acquisitions set Paysafe up to be the leading open banking and eCash solutions provider in Latin America, one of the world’s fastest-growing online markets.

Paysafe’s core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallets, eCash and online banking solutions.  It offers over 70 payment types in over 40 currencies around the world.

Upon completion of the transaction, Paysafe will have scale and a leading presence in the fast-growing Latin American eCommerce market, where merchants and consumers alike are showing an increasing appetite to use open banking and eCash solutions to transact online. Further, with SafetyPay having established relationships with more banks in Latin America than any other payments provider, Paysafe will be uniquely positioned to capture share of the nascent open banking market by integrating further Paysafe services and solutions into the region’s payments ecosystem including its digital wallet and gateway capabilities.  

On completion of the deal, the SafetyPay team will transition into Paysafe’s expanding eCash and online banking solutions’ team which is headed up by Paysafe eCash CEO, Udo Mueller.  At that time, SafetyPay’s CEO, Gustavo Ruiz Moya, will become CEO, eCash for Latin America and Global Head of Open Banking, reporting into Mueller.  The enlarged Paysafe eCash business will be able to offer eCash and open banking solutions in over 60 countries with over one million distribution points. 

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,” commented Philip McHugh, CEO of Paysafe.