Paysafe has agreed to acquire SafetyPay, marking its latest LATAM acquisition. This acquisition is set to close later in 2021. Paysafe had previously gone public through a merger with Foley Trasimene Acquisition Corp, and these recent acquisitions align with the company’s strategy to become a specialized eCash and open banking payments platform in LATAM.
The integration of PagoEfectivo and SafetyPay will begin with Juan Fernando Villena, CEO of PagoEfectivo, taking on a new role in the division. This strategic acquisition is seen as a success for Paysafe, reinforcing its focus on specialized payments and expansion in fast-growing regions. It also allows Paysafe to cross-sell its leading payments offerings, such as digital wallets and payment processing services, to an expanded merchant customer base in targeted industries.
Philip McHugh, CEO of Paysafe, expressed his excitement about the acquisition and the addition of Juan Fernando and his team to the eCash division. McHugh highlighted PagoEfectivo’s impressive growth track record and its alignment with Paysafe’s customer-focused approach and pioneering spirit.
