Nuvei Expands Footprint in LatAm and Brazil with Pay2All Acquisition

Nuvei Corporation (Nuvei), the Canadian fintech, is enhancing its capability in Brazil as it acquires Pay2All Instituição de Pagamento Ltda. (Pay2All), a licensed payment institution authorised by the Central Bank of Brazil.

The acquisition will allow Nuvei to offer payment services in Brazil as an issuer of electronic currency, gaining Pay2All’s payment licence. These include accepting payments, managing e-wallets and betting accounts, and participating in all of Brazil’s local payment systems, including processing Pagamentos Instantâneos (PIX) transactions.

Philip Fayer, chair and CEO, Nuvei

Philip Fayer, chair and CEO, Nuvei commented on the announcement: “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.”

Capitalising on the iGaming market

A payment institution license is required to provide transactional services for authorised operators in the newly regulated market of sports betting and online gaming, in accordance with Law No. 14.790/23.

Brazil’s iGaming market presents significant growth opportunities for Nuvei. Revenue in the Brazilian iGaming market is projected to reach $1.97billion in 2024 and is predicted to show an annual growth rate (CAGR 2024-2029) of 15.39%, resulting in a projected market volume of US$4.03bn by 2029.

By securing a Payment Institution license, Nuvei will be well positioned as a payment partner of choice to the iGaming and broader eCommerce ecosystems in Brazil. The proposed transaction is subject to customary closing conditions, including receipt of key regulatory approvals by the Central Bank of Brazil and local antitrust authorities.

Fayer added: “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.”

Building on success

In 2024, Nuvei already signalled its commitment to growth in LatAm through its announcement that it was the first global payments company to offer direct local acquiring in Colombia.

In addition to securing its impending Payment Institution license in Brazil, Nuvei is also currently implementing a local acquiring service in Mexico, leading to the fulfilment of processing requirements to become a direct acquirer under the Comisión Nacional Bancaria y de Valores (CNBV). Further strategic expansion in LATAM is scheduled to follow.

The post Nuvei Expands Footprint in LatAm and Brazil with Pay2All Acquisition appeared first on The Fintech Times.

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