(RTTNews) - Paysafe Limited (PSFE), a specialized payments platform, announced Monday its agreement to acquire SafetyPay, an eCommerce payments platform, for $441 million in an all-cash transaction.
The SafetyPay transaction is expected to close in the fourth quarter, 2021.
SafetyPay is a payments platform that enables eCommerce transactions through an unrivalled choice of open banking and eCash solutions, operating primarily in Latin America. It now has a presence in 11 Latin American countries, and operates through 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.
Upon the deal closure, the SafetyPay team will transition into Paysafe's expanding eCash and online banking solutions' team which is headed up by Paysafe eCash CEO,Udo Mueller.
At that time, SafetyPay's CEO, Gustavo Ruiz Moya, will become CEO, eCash for Latin America and Global Head of Open Banking, reporting into Mueller. The enlarged Paysafe eCash business will be able to offer eCash and open banking solutions in over 60 countries with over one million distribution points.
In the deal, RBC Capital Markets, LLC served as exclusive financial advisor to Paysafe. PJT Partners served as exclusive financial advisor to SafetyPay.
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