Fintech payment specialist PayRetailers has acquired two online payments platforms, Chile’s Paygol and Colombia’s Pago Digital, in a move to simplify the B2B e-commerce market in Latin America.
Paygol and Pago Digital both offer a comprehensive range of payment options, which PayRetailers said will strengthen its card processing capabilities across Latin America.
PayRetailers said that both businesses met its acquisition criteria, which includes providing innovative technologies and financial product suites, robust financial safeguards, such as PCI compliance, and cross border payment capabilities and an understanding of local markets.
PayRetailers founder and CEO, Juan Pablo Jutgla, said: “Countries, communities, companies and individuals are being transformed by e-commerce. Hyper-local access to vast international markets will generate new investment, jobs, education and opportunity for millions across our continent.”
He added: “Today’s acquisitions take us closer to a seamless, barrier-free and open e-commerce payments platform that will bring financial inclusion from Tierra del Fuego to Punta Gallinas.”
According to Statista, the LatAm e-commerce market was worth $85 billion in 2021, compared to Europe’s $530 billion e-commerce market and the US and Canada, where the market is valued at $500 billion.
Paygol CEO Carlos Varas said: “Paygol believes passionately in the power of local knowledge to bridge international borders. It’s an understanding that we share with PayRetailers as we now move forward together — to truly unleash the potential of e-commerce businesses across LatAm.”
William Talero, Pago Digital CEO, added: “We’ve come a long way in 10 years and are now excited to move to the next level with PayRetailers: sharing technologies, expertise and insights to bring our customers ever-greater opportunity.”
The terms of the acquisitions were not disclosed.
As well as growing its presence in Latin America, PayRetailers’ strategic growth ambitions will see it expand into Central America and the Caribbean.