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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    OPay obtains approval of Egypt’s CBE to issue prepaid cards

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    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

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    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    Vodafone shares up after USD 4.4 billion UAE stake buy

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    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

    UK’s Morrisons to buy McColl’s ahead of Asda owners

    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

    Volkswagen AG augments electric vehicle investment in Spain to EUR 10 billion

  • Markets
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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

    Panama to develop largest advanced biorefinery to make lower-carbon aviation fuel by 2026

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    Egypt’s Communication Ministry launches new Ashbal Misr Digital Initiative for 2022

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Home Non Banking Mergers & Acquisitions

PaySafe plans to acquire SafetyPay, an eCommerce payment platform

Specialized payments biggie, PaySafe, signed a definitive contract to acquire Latin American eCommerce payment platform, SafetyPay, for $441 million

Sakshi K S by Sakshi K S
August 17, 2021
in Digital, Mergers & Acquisitions, Technology, Trending
Reading Time: 2 mins read
0
PaySafe plans to acquire SafetyPay, an eCommerce payment platformq

PaySafe plans to acquire SafetyPay, an eCommerce payment platform

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The specialized payments biggie, PaySafe, signed a definitive contract to acquire Latin American eCommerce payment platform, SafetyPay, for $441 million. The acquisition of SafetyPay will help the former to establish a stronger dominance in the region. This will come into fruition after the preceding acquisition of PagoEfectivo, a Peruvian payment service.

Established in 2007 by Barbara Bibas and Manuel Montero, SafetyPay empowers eCommerce exchanges at more than 180,000 cash collection units through open banking and eCash contributions in 11 Latin American nations and Europe. It serves close to 300 dealers in travel, entertainment, and digital goods.

PaySafe offers its clients payment processing, eCash, digital wallets, and online banking services among a plethora of payment types in over 40 currencies. Their fundamental purpose is to connect businesses to consumers and transact impeccably through industry-leading competencies in all their services.

PaySafe acquires SafetyPay

This acquisition will provide the firm a greater scale and presence in the Latin American eCommerce business market, where traders and shoppers are foraging for massive utilization of open banking and e-cash solutions on the internet. Moreover, as SafetyPay is allied to a greater number of banks in Latin America, PaySafe is sure to clasp onto a portion of the promising open banking market by incorporating further PaySafe administrations and provisions – including its electronic wallet and gateway capacities.

In October 2020, SafetyPay collaborated with Latin American eCommerce firm Rappi for cash solutions and instant resolution, permitting online retailers to arrive at more clients by taking different payment techniques.

In June, payments brand Skrill, which is owned by PaySafe, reported an association with the Software-as-a-Service (SaaS) platform Wix that enables oodles of entrepreneurs to acknowledge installments. Wix has more than 200 million clients all around the globe.

When the deal is finalized, the SafetyPay group will turn out to be important for PaySafe’s eCash and online banking solutions team. SafetyPay’s CEO, Gustavo Ruiz Moya, will become the worldwide head of open banking. The merged company will offer services at more than 1 million distribution centers in over 60 countries.

RBC Capital Markets, LLC filled in as a special financial counsel, and Greenberg Traurig, LLP filled in as a legal counsel to PaySafe. PJT Partners filled in as an exclusive financial counsel and Quarles & Brady filled in as legal counsel to SafetyPay.

Via: Short URL
Tags: digital bankingfintechLatin Americamergers and acquisitionsPaySafeSafetyPay
Sakshi K S

Sakshi K S

Sakshi is a professional content writer engaging readers with gripping business news stories.

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