Nuvei has announced a definitive agreement to acquire Pay2All a payment institution licensed by the Central Bank of Brazil. According to the official press release, this acquisition is a significant step for Nuvei in the Brazilian market and underscores its dedication to the Latin American (LATAM) region.

With the Payment Institution license, Nuvei will be able to provide a wide range of payment services in Brazil, including issuing electronic currency, processing payments, managing e-wallets and betting accounts, and participating in all local payment systems, including the PIX transaction system. The press release continues to state that this license is essential for offering transaction services to authorised operators in Brazil's newly regulated sports betting and online gaming market, as per Law No. 14.790/23.

The iGaming market in Brazil offers substantial growth opportunities for Nuvei, with revenue expected to reach USD 1.97 billion in 2024 and a projected annual growth rate (CAGR 2024-2029) of 15.39%, reaching USD 4.03 billion by 2029. Obtaining this license is expected to position Nuvei as a preferred payment partner for the iGaming and ecommerce sectors in Brazil. The transaction is pending customary closing conditions, including regulatory approvals from the Central Bank of Brazil and local antitrust authorities.

Officials from Nuvei commented that securing a Payment Institution license in Brazil is a key priority and a major milestone in its global growth strategy. This transaction not only enhances the company's LATAM presence but also reflects its commitment to offering localised and advanced payment solutions to Brazilian businesses. More about Nuvei Nuvei is a Canada-based fintech company accelerating the business of clients around the world.

Nuvei's modular, flexible and scalable technology allows companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 50 markets, 150 currencies and 700 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration. Earlier in 2024, Nuvei demonstrated its commitment to LATAM by becoming a global payments company offering direct local acquiring in Colombia.

Alongside its upcoming Payment Institution license in Brazil, Nuvei is also setting up local acquiring services in Mexico, aiming to meet the requirements to become a direct acquirer under the Comisión Nacional Bancaria y de Valores (CNBV). Further strategic expansions in LATAM are planned. .