Paymentez, a Miami-based financial technology company serving the Latin American market, has been acquired by Nuvei Corporation, a Montreal-based publicly traded global payments technology partner, the companies announced today. Terms of the transaction were not disclosed. .
Founded in 2011, Paymentez provides payment solutions to merchants and financial institutions, including gateway, white-labeling, card acquiring and prepaid card options, in verticals such as online games, delivery platforms (Rappi is a customer), mobility, transportation and sports. Its payment platform supports more than 80 local and alternative payment methods for more than 4,000 merchants in the region.
As part of the acquisition, Paymentez CEO and cofounder, Juan F. Franco joins Nuvei as General Manager, Latin America, responsible for leading the company’s commercial and operational expansion in the region.
“Our presence, experience, connectivity and knowledge in Latin America, combined with the technology, explosive growth and leadership of Nuvei creates the leading payment platform in the region. Our customers will have a world class platform with the best connectivity and support in the region,” Franco said. “The future is very exciting.”
In addition to Miami, Paymentez has offices in Sao Paulo, Buenos Aires, Bogota, Guayaquil and Mexico City, and currently has 46 employees. Nuvei supports merchants in 204 countries worldwide.
“Online commerce in Latin America is growing at an unprecedented rate, representing one of the fastest growing markets in the world,” said Nuvei Chairman and CEO Philip Fayer, in a statement. “Paymentez further increases our total addressable market by significantly expanding and strengthening our presence in Latin America, along with enhancing our regional processing capabilities, enabling us to support even more local payment methods.”
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