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In its latest Latin American push, Barcelona-based PayRetailers has enhanced its presence in Brazil by acquiring local payments institution Transfeera.

Upon the closing of the transaction, Transfeera will be fully integrated into the PayRetailers group, although its new parent firm states that the Brazilian company will continue to operate as normal.

PayRetailers has lauded the acquisition as a major step forward for its Brazilian expansion plans at a time of transformative regulatory moments in Latin America’s largest country and economy. 

Brazil is set to launch a regulated nationwide betting market later this year, opening up major opportunities for payments and fintech companies, and the Central Bank has been engaged in discussions to expand the country’s Pix instant payments platform internationally. 

Juan Pablo Jutgla, Founder and CEO of PayRetailers, said: “We have already added some global acquisitions and the time has come to consolidate our leadership in Brazil as the largest processor of high-complexity payments, offering an even wider range of products.

“We should soon announce new acquisitions on other continents, consolidating our position as a reference in payment methods.”

PayRetailers has been stepping up its activity across Latin America, and further afield, in recent months. The firm secured registration as a payment service provider (PSP) with the Central Bank of the Argentine Republic (BCRA) back in March, and outside Latin America bolstered its African position in May.

The takeover of Transfeera is still subject to approval from the Administrative Council for Economic Defense (CADE) and the Central Bank of Brazil, the respective Brazilian authorities for regulating competition and finance and banking, respectively.

Transfeera is registered as a financial institution with the Central Bank of Brazil, offering platform and technology solutions for payment processing and bank validation. It has 62 employees and a client-base of 450 firms. 

This will in turn expand PayRetailer’s Brazilian presence to 100 employees and its worldwide customer-base to 550 firms across its 10 global offices.

Fernando Nunes, Co-Founder and CEO of Transfeera, said: “As Transfeera, with this move, we gain access to a vast expertise in the development and offering of banking products, which certainly advances us in building competitive advantages against the market. 

“Together, we aim to accelerate our journey of technological innovation, providing the market with innovative, safe, and efficient solutions.”

“With the operation, the executive remains in his position, and the company’s operation becomes part of the PayRetailers Group.”