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Nuvei Acquires Licensed Brazilian Payment Institution
Nuvei has announced that it has entered a definitive agreement for the acquisition of Pay2All, a move that should help it strengthen its foothold on the domestic market while reinforcing its commitment to the LATAM region
Nasdaq-listed, Canadian fintech company Nuvei Corporation has entered into a definitive agreement to acquire licensed Payment Institution Pay2All.
The decision, considered a strategic milestone for the company, is expected to improve Nuvei’s capabilities in the domestic market in Brazil while strengthening its commitment to the Latin American (LATAM) region.
The license of the Central Bank of Brazil-authorized Payment Institution will allow the company that creates modular, flexible, and scalable technology to provide comprehensive payment services for Brazilians.
Nuvei will do this as an Issuer of Electronic Currency, a title that will enable it to accept payments, manage e-wallets and betting accounts, and participate in all of the country’s local payment systems.
This latter category also features Pagamentos Instantâneos (PIX) transactions.
Brazil Has Excellent Growth Potential for Nuvei
According to Law No. 14.790/23, Payment Institution licenses are necessary for a company to be able to offer transactional services to authorized operators in Brazil’s freshly regulated online gaming and sports betting market.
The market gives Nuvei quite a number of growth opportunities, with iGaming revenue expected to reach the $1.97 billion mark this year, 2024 at an annual growth rate between 2024-2029 of 15.39%.
In turn, this is projected to result in a market volume of $4.03 billion by the year 2029.
The decision to acquire Pay2All and secure the Payment Institution license will boost Nuvei’s position as a payment partner of choice to Brazil’s iGaming and wider eCommerce ecosystems.
The transaction is currently subject to standard closing conditions. This includes the receipt of the necessary regulatory approvals by the Central Bank of Brazil as well as local antitrust authorities.
“Excited” to Offer Its Full Suite of Services to Drive Growth
Commenting on the news, Nuvei’s chief executive officer and chair, Philip Fayer, referred to securing the license in Brazil as “a top priority” that will mark a new and important milestone in their “global expansion strategy.”
Fayer added the proposed transaction will not only strengthen their presence in LATAM but also prove their commitment to offering “fully localized and modern payment solutions to domestic businesses.”
“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,” he said.
The company that reunites businesses with customers in over 200 markets, with local acquiring in 50 markets, 150 currencies, and 700 alternative payment methods, is also busy implementing a local acquiring service on the Mexican market.
This would allow it to fulfill all processing requirements needed to become a direct acquirer under the Comisión Nacional Bancaria y de Valores.
One year ago, Nuvei announced it would supply fintech to global gambling juggernaut 888 in the United States, with the duo boasting previous agreements in Europe and Ontario.
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After finishing her master's in publishing and writing, Melanie began her career as an online editor for a large gaming blog and has now transitioned over towards the iGaming industry. She helps to ensure that our news pieces are written to the highest standard possible under the guidance of senior management.
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