Nuvei set to obtain licence in Brazil with proposed acquisition of Pay2All
Canadian payments processor Nuvei has entered into an agreement to acquire Pay2All for an undisclosed sum in the hope of cementing its position in the Brazilian payments market.
Nuvei set to acquire Pay2All in Brazil
Authorised as a payment institution under the Central Bank of Brazil since 2022, the proposed acquisition of Pay2All will enable Nuvei to operate in the country as an issuer of electronic currency.
This designation includes payment acceptance, e-wallet and betting account management, and participation in all local payment systems, including the processing of Pix transactions.
A statement regarding the intended deal makes specific reference to Brazil’s $1.97 billion i-gaming market, which Nuvei says “presents significant growth opportunities”.
Nuvei goes on to state that the acquisition of a payment institution licence would leave it “well positioned as a payment partner of choice to the i-gaming and broader e-commerce ecosystems in Brazil”.
Describing the licence acquisition as “a top priority”, Philip Fayer, chair and CEO of Nuvei, claims the proposed transaction “not only strengthens our presence in LATAM, but also demonstrates our commitment to providing fully localised and modern payment solutions to businesses in Brazil”.
While the outlined takeover remains subject to regulatory approval, Nuvei appears to be doubling down on its expansion efforts across the LATAM region.
In February this year, the payments processor announced the launch of direct local acquiring in Colombia and is currently working to implement the same service in Mexico.
“Further strategic expansion in LATAM is scheduled to follow,” it confirms.
Further afield, Nuvei has also been working to secure its entry into APAC, as evidenced by the major payment institution (MPI) licence it secured from the Monetary Authority of Singapore (MAS) in April.
This development coincided with the announcement that Nuvei itself was set to be acquired by US private equity firm Advent International in a deal worth $6.3 billion.
