The acquisition enables Paysafe to increase its scale in Latin America and take advantage of open banking.
Paysafe expects the two acquisitions to drive cross-selling opportunities, enhancing long-term growth prospects.
SafetyPay, founded in 2007, operates primarily in Latin America and enables ecommerce transactions through open banking and ecash solutions.
This deal strengthens Paysafe’s strategic foothold in Latin America and builds on its recent acquisition of PagoEfectivo.
Paysafe now has a presence in 11 Latin American countries with over 90% bank coverage and 180,000 cash collection points.
It serves nearly 300 merchants in the travel, entertainment, and digital goods industries.
The entire SafetyPay team transitions into Paysafe’s ecash and open banking solutions team, led by CEO Udo Mueller.
SafetyPay’s CEO, Gustavo Ruiz Moya, becomes CEO of ecash for Latin America and global head of open banking.
Paysafe sees extensive cross-sell opportunities and potential growth in Latin America through this acquisition.
Joining forces with PagoEfectivo and the wider ecash team presents immense opportunities.
Paysafe’s ecash business now offers solutions in 60 countries with over one million distribution points.
This deal follows Paysafe’s SPAC merger with Foley Trasimene, allowing it to go public on the New York Stock Exchange.
