Nuvei to acquire licenced payment institution in Brazil. Source: Shutterstock.com

Nuvei has announced that it has entered into an agreement to acquire Pay2All Instituição de Pagamento, (“Pay2All”), a licenced Payment Institution authorised by the Central Bank of Brazil.

This strategic milestone is expected to enhance Nuvei’s capabilities in the Brazilian market and reinforces its commitment to the Latin American region.

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The Payment Institution licence will enable Nuvei to offer comprehensive 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, including processing Pagamentos Instantâneos (“PIX”) transactions.

A Payment Institution licence is required to provide transactional services for authorised 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 $1.97bn in 2024 and is predicted to show an annual growth rate15.39%, resulting in a projected market volume of $4.03bn by 2029.

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.

Philip Fayer, Nuvei Chair and CEO, commented on the announcement: “Securing a Payment Institution licence 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 localised 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.”