PayRetailers Opens the Door to the Brazilian Market Through a New Acquisition of Transfeera

One of the leading fintechs in the payments industry of Latin America recently announced a new acquisition of a regulated payment institution in Brazil, Transfeera. The move will allow PayRetailers to expand its business into Brazil and continue its growth.

PayRetailers To Strengthen Its Position in Brazil

As of the time of writing, the transaction is still subject to approval by the Administrative Council for Economic Defense (CADE) and the Central Bank of Brazil. Before making this strategic move that will unlock the door to the Brazilian market, PayRetailers had already applied for and received a license from Brazil’s central bank to operate as a payment institution.

However, Transfeera will be crucial for cementing PayRetailers’ access and enabling more advanced activities in the country. The firm itself will continue to operate as it used to, but it will also become a part of the PayRetailers group. This will come with certain benefits, such as the reinforcement of the company’s technological capabilities. But, for that to happen, the transaction must first be closed.

Commenting on the situation, PayRetailers’ founder and CEO, Juan Pablo Jutgla, stated that his company has already added some global acquisitions and that the time has come to consolidate its leadership in Brazil, as the largest processor of high-complexity payments. Thanks to the acquisition, PayRetailers will be able to offer an even larger range of products.

“We should soon announce new acquisitions on other continents, consolidating our position as a reference in payment methods,” he added.

Transfeera’s Co-Founder and CEO To Keep His Position

Transfeera, on the other hand, emerged in 2017, offering platform and technology solutions for validation of bank data and processing payments. The Santa Catarina-based firm is a technological and innovative powerhouse, which is what attracted PayRetailers to it. On top of that, it is also aligned with the industry’s best practice, given that the nation’s central bank supervises it.

In total, Transfeera has around 62 employees and over 450 customers, who will now also become customers of PayRetailers. In fact, with this addition, PayRetailers’ employee count has gone up to 100 employees in Brazil, and 550 globally.

Transfeera’s own co-founder and CEO, Fernando Nunes, said “As Transfeera, with this move, we gain access to a vast expertise in the development and offering of banking products, which certainly advances us in building competitive advantages against the market. Together, we aim to accelerate our journey of technological innovation, providing the market with innovative, safe, and efficient solutions.” Despite the acquisition, the executive will remain in his position.