In what is now becoming a string of acquisitions, London-based fintech Paysafe has announced the completion of its acquisition of PagoEfectivo, a Peru-based fintech that is considered a leading figure as far as alternative payments are concerned.
This acquisition comes on the heels of Paysafe recent merger with SafetyPay’s entire operations. Like PagoEfectivo, SafetyPay is a Latin America-based fintech that has assumed a leading position in the region’s payment industry.
Reports have it that PagoEfectivo used to be a subsidiary of Empresa Editora El Comercio S.A., (“Grupo El Comercio”) and a leading provider of e-money and open banking remittances in the region.
Launched in 2009, PagoEfectivo has been propelled to relevance primarily by its commitment to serving Latin America’s vast unbanked and underbanked population. Its payment services are also useful to customers who live in nearby Ecuador.
Through this merger, both PaySafe and PagoEfectivo’s products, competencies, and human capital will be combined to provide better services. The firms will merge their eCash and open banking teams, while also allowing the top executive to keep their job.
Speaking on the relevance of this acquisition, Philip McHugh, Paysafe’s CEO, said: “This strategic acquisition is a success on many levels for Paysafe. First, it reinforces our strategy of building on our strengths in specialized payments and growing our presence in fast-growing regions.”
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