Canadian fintech Nuvei has confirmed its ambitions within the Brazilian igaming payments market having agreed to acquire Pay2All Instituição de Pagamento.
It’s an acquisition that enables Nuvei to offer payment experiences within the Brazilian market in a move that will have significant potential for the igaming payment journey within the newly regulated market.
These include accepting payments, managing e-wallets and betting accounts and participating in all of Brazil’s local payment systems, including processing PIX transactions.
Philip Fayer, Nuvei Chair and CEO, commented: “Securing a Payment Institution licence 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.”
The importance of a payment institution licence can’t be understated in the Brazilian market, with it being essential to providing transactional services for operators in the region. Nuvei has emphasised that it views not just the Brazilian market, but LatAm as a whole, as a region that holds key potential for expansion.
According to recent projections, revenue in the Brazilian igaming market is set for a trajectory of continued growth once it opens up and regulatory frameworks evolve.
Earlier in the year, Nuvei detailed its commitment to the LatAm market by launching direct local acquiring capabilities in Colombia.
At the heart of that deal was enabling the ability for companies to scale at an accelerated rate, including through expansion into new markets.
Fayer emphasised after this that it “augments our presence in LATAM and reinforces our commitment to growth in the region”.
He added that the group is “already active in more than eleven markets in LATAM through direct integration into local acquirers and networks, and adding direct local acquiring capabilities in Colombia strengthens our ability to provide best-in-class services to our customers across the region”.
