Canadian FinTech Nuvei Corporation has acquired Pay2All Instituição de Pagamento (Pay2All), a licensed payment institution authorised by the Central Bank of Brazil.

The acquisition aims to further strengthen Nuvei’s presence and commitment in the LATAM region, with the payment institution licence enabling the company to offer payment services in Brazil as an Issuer of Electronic Currency.

The new partnership will allow the FinTech to accept payments, manage e-wallet transactions, and participate in all of Brazil’s local payment systems, including processing Pagamentos Instantâneos (PIX) transactions.

In particular, the deal extends Nuvei’s capabilities within the betting and online sport gaming industry, which it said presents “significant growth opportunities” for the firm.

As a payment institution licence is required to provide transactional services for authorised operators in the Brazilian sports betting and online gaming arena, the Canadian firm will be able to position itself as a payment partner of choice to the iGaming and broader e-commerce ecosystem in Brazil, it says.

Philip Fayer, Nuvei chair and chief executive, emphasised the move was a “a top priority” for the firm, marking a significant milestone in Nuvei’s global expansion strategy.

“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," he said.

In February 2024, Nuvei renewed its growth commitments in LATAM with the launch of direct local acquiring capabilities in Colombia, which enables local and international partners to accept card payments from their customers in the country without relying on intermediaries or third-party payment processors.

” With local acquiring capabilities in 50 markets and connectivity to 680 local APMs, Nuvei is elevating payments to a hyper-localiszed level on a global setting,” Fayer said in a statement at the time.

Nuvei is also currently implementing a local acquiring service in Mexico, as it aims to become a direct acquirer under the Mexican Comisión Nacional Bancaria y de Valores (CNBV).

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