Paysafe to Acquire SafetyPay for Furthering Scale in Latin America

​The leading specialized payments platform Paysafe announced on Monday that it has signed a definitive agreement to acquire SafetyPay, an eCommerce payment platform, for USD 441 million in an all-cash transaction. The deal is planned to close in Q4 2021.

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According to official press release, the latest acquisition will enable Paysafe to further strengthen its strategic foothold in the fast-growing Latin America eCommerce market, building on its previous acquisition of the Peruvian payments platform PagoEfectivo​ at the beginning of August.

Besides, with SafetyPay having established relationships with more banks in Latin America than any other payments provider, Paysafe will be uniquely positioned to capture share of the nascent open banking market by integrating further Paysafe services and solutions into the region’s payments ecosystem including its digital wallet and gateway capabilities.

Paysafe’s eCash division is designed to target simple and secure online transactions through prepaid and online cash solutions. Upon completion of the deal, the expanded Paysafe eCash business will be able to offer eCash and open banking solutions in over 60 countries with over one million distribution points.