Canadian fintech Nuvei has announced its plans to expand into the Brazilian iGaming payments market with the acquisition of Pay2All Instituição de Pagamento.
This acquisition allows Nuvei to enhance payment experiences within Brazil, significantly impacting the iGaming payment landscape in the newly regulated market.
Services offered will include payment acceptance, e-wallet and betting account management, and integration with all of Brazil’s local payment systems, including the processing of 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 license in the Brazilian market is crucial, as it is essential for providing transactional services for operators in the region. Nuvei has highlighted that it sees not only Brazil but the entire Latin American region as a key area for potential expansion.
Recent projections indicate that revenue in the Brazilian iGaming market is poised for significant growth once it opens up and regulatory frameworks evolve.
Earlier this year, Nuvei demonstrated its commitment to the Latin American market by launching direct local acquiring capabilities in Colombia.
This initiative aimed to enable companies to scale rapidly and expand into new markets. Fayer emphasized that this move “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.”
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