Nuvei acquires Brazilian payment provider to strengthen Latam foothold
Canadian fintech firm buys Pay2All Instituição de Pagamento in “significant milestone” for expansion plans as supplier targets Brazilian growth
Nuvei has acquired Brazilian payment service provider Pay2All Instituição de Pagamento in an undisclosed deal to bolster its position in Brazil ahead of the launch of the regulated online sports betting and igaming market there.
As a holder of a payment institution licence authorised by the Central Bank of Brazil, Pay2All will serve as Nuvei’s dedicated issuer of electronic currency in the country, allowing the business to provide comprehensive payment services.
These include accepting payments, monitoring e-wallets and betting accounts, and processing ‘pagamentos instantâneos’, commonly known as ‘Pix’ transactions which are local to Brazil.
Pix are instant payments which were introduced by the Central Bank in November 2020, allowing users to scan QR codes to send money, as well as pay for goods and services.
Authorised payments suppliers will require a payment institution licence to provide transactional services in Brazil, with the country’s regulated igaming and sports betting market set to go live in January 2025.
Nuvei said the deal would make the company “well positioned as a payment partner of choice to the igaming ecosystem in Brazil”.
The transaction will be subject to customary closing conditions, as well as approval from the Central Bank and Brazilian antitrust authorities.
Brazil will become the latest Latam market in which Nuvei has established a presence; the company also provides payment services in Colombia and Mexico.
Philip Fayer, Nuvei chair and CEO, said: “Securing a payment institution license in Brazil has been a top priority, and will mark another significant milestone in our global expansion strategy.
“The proposed transaction not only strengthens our presence in Latam, but also demonstrates our commitment to providing fully localised and modern payment solutions to businesses in Brazil.
“We’re excited to offer our full suite of services to help drive growth for the rapidly-growing ecommerce and igaming operators in this dynamic market.”
In April, Nuvei entered into an agreement with Advent International to take the payment firm back into private ownership in a deal worth $6.3bn.