Nuvei has announced its agreement to acquire Pay2All Instituição de Pagamento – a licensed payment institution authorised by the Central Bank of Brazil.
This move marks a new step in Nuvei's global expansion strategy and aims to strengthen the company’s presence in the Latin American region.
The acquisition will enable Nuvei to offer payment services in Brazil, including accepting payments, processing Pagamentos Instantâneos (PIX) transactions and managing e-wallets and betting accounts.
Brazil's iGaming market presents substantial growth opportunities, with revenue projected to reach $1.97bn in 2024 and an expected annual growth rate of 15.39% through 2029.
This acquisition therefore hopes to position Nuvei as a key payment partner for the iGaming and broader eCommerce ecosystems in Brazil.
Commenting on the acquisition, Philip Fayer, Nuvei's Chair and CEO, stated: "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 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 Paya Holdings, an integrated payments and commerce solutions business, in a $1.3bn all-cash deal.
