PayRetailers, the LatAm Fintech payment specialist, has announced the acquisition of two online payments platforms, Chile’s Paygol and Colombia’s Pago Digital.
The two acquisitions “strengthen PayRetailers’ breadth and depth as the company moves to realise the potential of e-commerce payments across Latin America.”
Paygol and Pago Digital fit PayRetailers’ acquisition criteria, “providing innovative technologies and financial product suites, a clear customer focus, robust financial safeguards (such as PCI compliance) and cross border payment capabilities — alongside extensive presence within, and understanding of, local markets.”
Paygol and Digital Payment support “a comprehensive range of payment options.” These capabilities further “strengthen PayRetailers’ card processing capabilities across Latin America.”
The two brands have “invested in awareness: Paygol is the official sponsor of Copa Chile Easy 2022; and Pago Digital has announced its sponsorship of Colombia’s premier football competition – the BetPlay DIMAYOR League.”
To date, LatAm has suffered from “a disjointed B2B e-commerce payments environment that sees online merchants forced to piece together services across multiple countries, regulatory jurisdictions and currencies.”
As noted in a release, PayRetailers “is simplifying B2B e-commerce through a single, intuitive and effective LATAM online payments platform.”
The strategy is “to identify, select and acquire the perfect candidate companies — combining local innovation and insight, pan-regional reach and world class FinTech investment.”
PayRetailers founder and CEO, Juan Pablo Jutgla, said:
“Countries, communities, companies and individuals are being transformed by e-commerce. Hyper-local access to vast international markets will generate new investment, jobs, education and opportunity for millions across our continent.”
Juan added:
“Both Pago Digital and Paygol share our vision of democratising financial inclusion and clearly demonstrate a commitment to local communities through sponsorship. Today’s acquisitions take us closer to a seamless, barrier-free and open e-commerce payments platform that will bring financial inclusion from Tierra del Fuego to Punta Gallinas.”
The acquisition brings Paygol and Pago Digital access “to PayRetailers’ extensive FinTech know-how, marketing resources and financial investment to grow at scale.”
Paygol CEO Carlos Varas remarked:
“Paygol believes passionately in the power of local knowledge to bridge international borders. It’s an understanding that we share with PayRetailers as we now move forward together — to truly unleash the potential of e-commerce businesses across LATAM.”
Pago Digital CEO William Talero noted:
“Pago Digital was founded on a vision of simple and accessible online payments. We’ve come a long way in 10 years and are now excited to move to the next level with PayRetailers: sharing technologies, expertise and insights to bring our customers ever-greater opportunity.”
Royal Park Partners acted “as exclusive strategic and financial advisor to PayRetailers on the Pago Digital acquisition.”
As a part of its strategic growth roadmap, PayRetailers plans “to expand its presence in LATAM. This includes deepening existing networks in key LATAM countries – alongside ambitions to grow into Central America and the Caribbean.”
PayRetailers’ mission “to unify and simplify e-commerce payments has the potential to catalyse a currently under performing market.”
While LATAM e-commerce is growing rapidly, “reaching an estimated US$85 billion in 2021, it is dwarfed by regions with integrated payment systems such as Europe (around US$530 billion) and the US & Canada (around US$500 billion).”
Juan Pablo Jutgla stated:
“PayRetailers’ mission is simple: to realise LATAM’s vast e-commerce potential. This clarity of purpose drives us as we acquire the right companies at the right times to deliver the right capabilities. As Paygol and Pago Digital bring us a powerful new presence in Chile and Colombia, we are ideally placed to unify and simplify e-commerce — for seamless customer payment experiences across LATAM and beyond.”
Established in 2017, PayRetailers is a payment service company “headquartered in Spain, with regional offices in Malta, Mexico, Argentina, Brazil, Chile, and Colombia.”
Its flagship online payment platform is “a unified solution integrating over 250 payment methods, including online payment alternatives using local currency, such as cash payments, credit/debit cards, online banking, QR codes, and a wide range of eWallets.”
PayRetailers’ payment platform “leverages API technology to connect Latin American consumers with international merchants, offering a seamless payment experience.”
From the merchant’s perspective, the solution has “the distinct advantage of eliminating the hurdles associated with integrating multiple acquirers and payment methods, setting up several local entities and managing pay-in and payout processors individually.”
Paygol is “an online payment platform which allows merchants to receive payments through a wide array of payment methods in a fast and easy way.”
They offer merchants “a variety of local payment methods in Latin America that helps consumers to pay with the payment method they trust and know.”
Pago Digital is “a payment gateway in Colombia that since 2011 has been in the market offering online payment processing solutions for emerging markets, supplying innovative and secure technology for online business.”
The company offers “a wide range of options to pay in local currency, including cash payments, credit cards, online banking, and market specific popular solutions.”