Paysafe signs deal to acquire alternative payments platform PagoEfectivo
London-based Paysafe has signed a definitive agreement to acquire Peruvian alternative payments platform PagoEfectivo, a subsidiary of Grupo El Comercio, for an undisclosed sum.
PagoEfectivo currently operates in Peru and Ecuador
The payments firm says the deal will give it a “strategic foothold” in Latin America as it looks to boost the expansion of its eCash business in the region.
The PagoEfectivo team, including CEO Juan Fernando Villena, will join up with Paysafe as part of the deal.
Founded in 2009, PagoEfectivo’s platform facilitates alternative payment methods and provides online banking solutions for businesses across Peru and Ecuador.
The firm allows merchants to accept online eCash payments through a reference code, which can be used to pay at over 140,000 points of sale.
Paysafe says the deal is the result of “an increased appetite for alternative payment methods and online banking” in Latin America.
The company, which went public via a SPAC merger in April, also acquired US-based payments firm Openbucks as part of an ongoing North American expansion last year.
The company claims to have facilitated $92 billion worth of transactions in 2020 and currently offers 70 payment types in over 40 currencies around the world.
The deal is expected to close by the end of August.
