(RTTNews) - Nuvei Corp. (NVEI), a Canadian financial technology firm, Monday announced an agreement to acquire Pay2All Instituiçao de Pagamento Ltda or Pay2All, a licensed payment institution authorized by the Central Bank of Brazil. The financial aspects of the deal were not revealed.
Philip Fayer, Chair and CEO of Nuvei, said: "Securing a Payment Institution license in Brazil 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."
The payment institution license will allow Nuvei to offer payment services in Brazil as an issuer of electronic currency. These include accepting payments, managing e-wallets and betting accounts, and participating in all of Brazil's local payment systems, and others. A payment institution license is required to provide transactional services for authorized operators in the newly regulated market of sports betting and online gaming.
Brazil's iGaming market presents significant growth opportunities for Nuvei.
Revenue in the Brazilian iGaming market is projected to reach $1.97 billion in 2024, and market volume of $4.03 billion by 2029.
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