Nuvei secures payment institution license in Brazil
The Canadian fintech company will offer a full suite of services within the local market.
Nuvei has gained a payment institution license to offer its full suite of services within the nation of Brazil by signing a deal to acquire Pay2All Instituição de Pagamento Ltda.
The company is authorized by the Central Bank of Brazil as a licensed payment institution.
Nuvei said this move is the next step in expanding its Latin American reach.
The company said in a statement, “By securing a Payment Institution license, Nuvei will be well positioned as a payment partner of choice to the iGaming and broader eCommerce ecosystems in Brazil.
“The proposed transaction is subject to customary closing conditions, including receipt of key regulatory approvals by the Central Bank of Brazil and local antitrust authorities.”
The agreement will allow Nuvei to provide the Brazilian market with comprehensive payment services as an electronic currency issuer. Nuvei will be able to participate in all of the country’s local payment systems that include Pagamentos Instantâneos transaction processing.
Nuvei will offer payment, betting account and e-wallet management services.
Company Chair and CEO Philip Fayer spoke briefly on the recent approval and described this as a significant company milestone.
He further commented, “Securing a Payment Institution license in Brazil has been a top priority and will mark another significant milestone in our global expansion strategy. The proposed transaction not only strengthens our presence in LATAM but also demonstrates our commitment to providing fully localized and modern payment solutions to businesses in Brazil.
“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.”
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