The payments platform Paysafe revealed yesterday that it has completed its SafetyPay acquisition.
SafetyPay is a payments platform that operates primarily in Latin America. It allows eCommerce transactions via a wide choice of open banking and eCash solutions.
SafetyPay’s acquisition strengthens PaySafe’s footing in Latin America, following its recently announced acquisition of Peruvian payments platform, PagoEfectivo.
The two acquisitions are going to affirm Paysafe’s position as an open banking and eCash solutions provider in Latin America, one of the world’s fastest-growing online markets.
The eCommerce payments platform SafetyPay provides access for consumers to alternative payment methods (APMs), most notably bank transfers and eCash solutions, to make online purchases. Its services cover 11 Latin American countries and nearly 300 merchants primarily in the travel, entertainment, and digital goods industries.
With its acquisition, Paysafe gains further access in the fast-growing Latin American eCommerce market, where merchants and consumers have growing interest in using use eCash solutions to transact online. With SafetyPay’s network of bank relationships in Latin America, Paysafe is positioned to take part in the open banking market through integrating further its services and solutions including its digital wallet and gateway capabilities.
Following the completion of the deal, SafetyPay’s entire team will transfer in Paysafe’s eCash and open banking solutions team. SafetyPay’s CEO, Gustavo Ruiz Moya, becomes CEO, eCash for Latin America and Global Head of Open Banking. He will report directly to Paysafe eCash CEO, Udo Mueller.
Philip McHugh, Paysafe’s CEO, commented:
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.
Gustavo Ruiz Moya, SafetyPay’s CEO, added:
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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.