The deal will see PagoEfectivo staff, including chief executive Juan Fernando Villena, join the Paysafe team.
The sale is expected to be completed by the end of August, subject to closing conditions being met. The two companies will continue to operate independently until the deal becomes official.
Paysafe CEO Philip McHugh said: “This acquisition reinforces our strategy of investing in, and growing our core, specialized offering in payments processing, digital wallets, eCash and online banking solutions and gives us an important, strategic foothold in Latin America; a region which is expanding fast in eCommerce in general and specifically in the specialized vertical industries such as iGaming, travel, entertainment and digital goods which are very much our sweet spot.
“Our cloud-based technology stack and global enterprise relationships will only help accelerate PagoEfectivo’s very strong growth. We very much look forward to welcoming the PagoEfectivo team onboard.”
The PagoEfectivo deal represents the latest step in Paysafe’s expansion. The company finalised its SPAC merger with Foley Trasimene earlier this year, allowing it to go public on the New York Stock Exchange. In addition, Paysafe also recently partnered with WynnBet for both payments and affiliate services through its Income Access subsidiary.
Mariano Nejamkis, general manager of press and digital businesses for PagoEfectivo’s holding company Grupo El Comercio, added: “The sale of PagoEfectivo has generated high levels of interest because of PagoEfectivo’s excellent performance over recent years as well as its future growth potential.
“This performance is the result of the continuous growth of eCommerce in this region as well as our Group’s ability to create compelling new digital brands and products. On behalf of the entire Grupo El Comercio team, we wish the team all the very best for the future; I believe this sale will be a success story for all concerned.”