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Paysafe completes acquisition of SafetyPay
Jan 31, 2022
- Acquisition enables Paysafe to further scale in the high-growth Latin American region, taking advantage of the nascent open banking ecosystem and building on its recent acquisition of PagoEfectivo.
- Together the two acquisitions are expected to drive multiple cross-selling opportunities across all Paysafe business units, enhancing long term growth prospects.
London – Paysafe (NYSE:PSFE), a leading specialized payments platform, today announced the completion of its SafetyPay acquisition. SafetyPay is a leading payments platform operating primarily in Latin America that enables eCommerce transactions via a wide choice of open banking and eCash solutions. For Paysafe, this latest deal further strengthens its strategic foothold in Latin America, building on its recently announced acquisition of Peruvian payments platform, PagoEfectivo. Together the two acquisitions set Paysafe up to be the leading open banking and eCash solutions provider in Latin America, one of the world’s fastest-growing online markets.
SafetyPay was founded in 2007 as an eCommerce payments platform with the mission to enable millions of consumers to use alternative payment methods (APMs), most notably bank transfers and eCash solutions, to make online purchases. It now has a presence in 11 Latin American countries and operates via an unparalleled network of banks, with over 90 percent bank coverage and over 180,000 cash collection points. It serves nearly 300 merchants primarily in the travel, entertainment, and digital goods industries.
With the transaction closing, Paysafe gains further scale in the fast-growing Latin American eCommerce market, where merchants and consumers alike are showing an increasing appetite to use eCash solutions to transact online. Further, with SafetyPay’s unrivalled network of bank relationships in Latin America, Paysafe is uniquely positioned to capture share of the nascent open banking market by integrating further Paysafe services and solutions including its digital wallet and gateway capabilities.
As part of the transaction, the entire SafetyPay team now transitions into Paysafe’s eCash and open banking solutions team which is headed up by Paysafe eCash CEO, Udo Mueller. Reporting into Mueller, SafetyPay’s CEO, Gustavo Ruiz Moya, becomes CEO, eCash for Latin America and Global Head of Open Banking.
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.”
Paysafe’s eCash business is now able to offer its solutions in around 60 countries with over one million distribution points.
About Paysafe Limited
Paysafe Limited (“Paysafe”) (NYSE:PSFE) (PSFE.WS) is a leading specialised payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualised transactional volume of US $100 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.
About Paysafe’s eCash Division
Paysafe is a global market leader in the provision of eCash payment solutions. The goal of its eCash division is to target simple and secure online transactions through prepaid and online cash solutions. Today, it is available to purchase in one million sales outlets in 60 countries and its brands include paysafecard, paysafecard account, paysafecard Mastercard® and Paysafecash.
Its original product, paysafecard, uses a 16-digit code and enables customers to shop online without using an account or credit card, protecting their confidential financial information. In 2018, the paysafecard team developed Paysafecash allowing customers to shop online first and then pay securely for their purchases with cash at convenient, nearby payment points. Paysafecash is already available in nearly 30 countries. In 2020, paysafecard and Paysafecash reached a transaction volume of more than US$ 4.6 billion.
Further information is available at www.paysafecard.com
SafetyPay was founded in 2007 as an eCommerce payment platform designed to empower online shoppers, merchants and banks to transact safely. The company’s software offers real-time global payment options, including bank transfers and eCash solutions as well as other alternative payment methods (APMs), to securely make online purchases from merchants worldwide and pay directly via a local bank or other point of sale, in the currency of one’s choice.
SafetyPay’s core mission continues to be to drive online payment inclusion for the entire Latin American population and enable Latin American and European merchants to expand their sales into new international markets. 14 years on, it now operates via the largest network of banks and cash collection points in 11 countries in Latin America with over 180,000 collection points.
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Paysafe Limited’s (“Paysafe,” “PSFE” or the “Company”) actual results may differ from their expectations and estimates and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “guidance,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “seek,” “should,” “would” and variations of such words and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. While the Company believes its assumptions concerning future events are reasonable, a number of factors could cause actual results to differ materially from those projected, including, the integration and outcome of the PagoEfectivo and SafetyPay transactions; and other factors included in the “Risk Factors” in our Form 20-F and in other filings we make with the SEC, which are available at www.sec.gov. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.
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