Paysafe (NYSE: PSFE), a specialized payments platform, has acquired SafetyPay, a payments platform enabling e-commerce transactions and eCash services throughout Latin America.
SafetyPay enables millions of clients to use alternative payment methods including bank transfers and eCash services to make online payments. The firm operates across 11 Latin American nations and operates with a network of banks and serves around 300 merchants in the travel, entertainment and digital goods industries.
The deal will enhance, Paysafe’s presence in Latin America and builds on its existing Peruvian payment platform, PagoEfectivo. Going forward, the deal will enable Paysafe to be a leading open banking and eCash services provider in Latin America.
“We’re very excited by what SafetyPay adds to our group as part of our global real-time banking solutions,” added Philip McHugh, Paysafe’s CEO. “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.”