Payments Processor PayRetailers Expands in Brazil With Transfeera Acquisition
PayRetailers, a payments processor serving Latin America and Africa, acquired business payments FinTech Transfeera.
The deal was approved by the Administrative Council for Economic Defense (CADE) and the central bank in Transfeera’s home country of Brazil (BCB), the companies announced in a Thursday (Dec. 19) news release provided to PYMNTS.
“The transaction is part of PayRetailers’ strategy to expand its presence in Brazil, following the acquisition of a payment institution license from the BCB in April,” the release said. “The acquisition will enable PayRetailers to gain direct access to Pix, a popular payment system in Brazil which lets users instantly transfer money in Brazilian real, strengthening its regulatory and risk management structure in Brazil and expanding its opportunities in open banking.”
Transfeera, founded in 2017, offers platform and technology solutions for payment processing and bank data validation, and brings with it more than 500 new clients, helping PayRetailers with its goal of increasing its services to Brazilian companies next year, per the release.
“This acquisition provides us with access to a wide range of payment methods across Latin America and Africa through a single API in over 20 countries and 250 payment methods,” Transfeera co-founder and CEO Fernando Nunes said in the release. “This positions us even more strongly to enhance our competitive advantages in the market. Together, we aim to accelerate our journey of technological innovation, offering innovative, secure and efficient solutions to meet market demands.”
PYMNTS examined Brazil’s digital payments scene this week through the lens of its Pix instant payment system, used by 77% of the country’s residents.
The use of Pix is expanding. For example, cross-border payment platform dLocal became a certified payment service provider in Brazil last month and can now facilitate Pix payments directly within the open finance ecosystem, without redirecting users to bank apps.
The certification allows dLocal to deliver streamlined checkout by doing away with unnecessary steps when Pix payments are used, which can improve merchant conversion rates.
Also last month, Peru’s B89 joined forces with PagBrasil, which develops cross-border solutions for the Pix payment system.
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