Nuvei announced that it has agreed to acquire Pay2All Instituição de Pagamento, a licensed payment institution authorized by the Central Bank of Brazil.
The move marks a new step in Nuvei's global expansion strategy, aiming to strengthen the company's presence in Latin America.
The acquisition will enable Nuvei to provide payment services in Brazil, including accepting payments, processing Pagamentos Instantâneos (PIX) transactions and managing e-wallets and betting accounts.
The iGaming market in Brazil has huge growth opportunities, with revenue expected to reach $1.97 billion in 2024 and a projected annual growth rate of 15.39% by 2029.
The acquisition therefore hopes to position Nuvei as a key payments partner for Brazilian iGaming and the broader e-commerce ecosystem.
Commenting on the acquisition, Nuvei Chairman and CEO Philip Fayer said: "Securing a payments institution license in Brazil has been a top priority for us and will mark another important milestone in our global expansion strategy."
“The proposed transaction not only strengthens our presence in Latin America, but also demonstrates our commitment to providing fully localized and modernized payment solutions to businesses in Brazil.”
“We are excited to offer a full suite of services to help drive growth for fast-growing e-commerce and online gaming operators in this dynamic market.”
The proposed transaction is subject to customary closing conditions, including regulatory approvals from the Central Bank of Brazil and local antitrust authorities. Last year, Nuvei also acquired integrated payments and commerce solutions company Paya Holdings in an all-cash deal worth $1.3 billion.
