Paysafe, a leading UK payment platform, has announced the completion of its acquisition of SafetyPay, a major payments platform in Latin America. SafetyPay operates majorly in Latin America that enables eCommerce transactions through its eCash and open banking solutions.
The further strengthen its strategic position in Latin America and builds on its recently acquired Peruvian payments platform, PagoEfectivo. The merger between the two firms is set to make Paysafe become a major eCash solutions and open banking provider in Latin America, one of the fastest-growing online markets in the world.
According to the deal, the entire SafetyPay team will be part of Paysafe’s open banking and eCash solutions team, which is led by Udo Mueller, the CEO of Paysafe eCash.SafetyPay’s CEO, Gustavo Ruiz Moya, will become the CEO of eCash for Latin America and Global Head of Open Banking and will report to Mueller.
Philip McHugh, Paysafe’s CEO, talked about the development and 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.”
Meanwhile, Gustavo Ruiz Moya, SafetyPay’s CEO, also commented about the development and stated: "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.”
