MONTREAL — Nuvei Corp. says it has secured a deal to buy Brazilian payments institution Pay2All.
The Montreal-based payment technology firm says the agreement would expand its reach in Brazil and the broader Latin American market.
Nuvei says in a statement today that the deal will let it provide payment services as an “issuer of electronic currency” through Pay2All’s payment institution licence from Brazil’s central bank.
The fintech firm says it will be able to accept payments, manage e-wallets and betting accounts, and link into all of Brazil’s local payment systems.
Nuvei CEO Philip Fayer says the agreement marks a major milestone in its global expansion strategy and allows it to offer “fully localized” payment methods to Brazilian businesses.
The proposed transaction is subject to closing conditions that include regulatory approvals by the Central Bank of Brazil and by antitrust authorities in that country.
In June, Nuvei shareholders voted overwhelmingly in favour of a plan that will see the company bought by Boston-based private equity firm Advent International and taken private at a US$6.3-billion valuation, with the deal expected to close later this year or during the first quarter of 2025.
This report by The Canadian Press was first published Aug. 5, 2024.