PayRetailers has announced its acquisition of Transfeera, a regulated payment institution based in Brazil. The transaction is subject to approval by the Administrative Council for Economic Defence (CADE) and the Central Bank of Brazil.
This acquisition is part of PayRetailers' plan to expand its operations in Brazil, following its recent licensure by the Central Bank of Brazil to operate as a payment institution.
Founded in 2017, Transfeera provides platform and technology solutions for payment processing and bank data validation. The company has reported it will continue its operations as part of the PayRetailers group upon the transaction's completion. This integration is expected to improve PayRetailers' technological capabilities.
Juan Pablo Jutgla, PayRetailers CEO and Founder, said: "We have already added some global acquisitions and the time has come to consolidate our leadership in Brazil as the largest processor of high-complexity payments, offering an even wider range of products. We should soon announce new acquisitions on other continents, consolidating our position as a reference in payment methods."
Transfeera's integration into PayRetailers will bring over 450 new customers and 62 employees, increasing PayRetailers' workforce to 100 employees in Brazil and 550 worldwide.
Fernando Nunes, Transfeera Co-Founder and CEO, will remain in his position post-acquisition.
Nunes stated: “As Transfeera, with this move, we gain access to a vast expertise in the development and offering of banking products, which certainly advances us in building competitive advantages against the market. Together, we aim to accelerate our journey of technological innovation, providing the market with innovative, safe and efficient solutions."
Legal support for the acquisition was provided by Pinheiro Neto Advogados and BMA Advogados. Strategic financial advisory was given by Royal Park Partners for the buyer and RGS Partners for the sellers.
In addition to this acquisition, PayRetailers has announced plans to expand its services into Africa, with operations set to begin in Tanzania, Rwanda, Uganda and Zambia.
PayRetailers operates in over 20 countries across Latin America and Africa and aims to double its number of employees in Brazil by 2025.
