Payments technology company PXP Financial has taken another step to bolster its North American profile by partnering with North, a fellow paytech firm.
The agreement is essentially a deal between two payment acquiring companies, with PXP aiming to offer its clients another connection to a US-based acquirer.
PXP adds that it intends to service a ‘broad array of target sectors and industries’ via the new partnership. The firm has embarked on a number of strategic partnerships over the years across both North and South America, with gambling a common target sector.
Kamran Hedjri, Group CEO for PXP Financial, said: “This is an exciting step for PXP Financial, and I am incredibly proud of the strong partnership and teamwork that have brought us to this moment.
“By working closely together, we’ve ensured that the integration with this new acquirer connection is seamless, robust, and ready to deliver enhanced payment options to our clients.
“The effort that has gone into securing the North partnership demonstrates our commitment to innovation and dedication to expanding our capabilities to better serve our customers. We look forward to growing the partnership to its full potential and the value it will bring to our clients.”
PXP has been building up its position in the US over more than a decade. The company has entered 23 states since 2013, with its time in the US coinciding with the federal repeal of PASPA in 2018.
The repeal of this legislation by the Supreme Court enabled states to launch their own licensed betting markets, something previously prohibited. This in turn has opened up a new window of opportunity for payments and fintech companies.
PXP itself has noted that the market is highly competitive, however. The company finds itself going up against some stiff competition such as Nuvei and Neosurf, but asserts that it has built up a ‘deep understanding’ of the US’ regulatory and compliance challenges around payments.
It hopes that this local knowledge can be coupled with North’s specialisation in areas like ecommerce and payment APIs, backed by in-house processing to prove beneficial to its US efforts.
Rafael DiCarlo, North’s General Manager – Gaming, added: “For North, partnering with PXP Financial marks a key step aimed at delivering seamless and innovative payment solutions to our customers.
“Their deep experience in secure, global payment processing will empower us to scale rapidly and continue to maintain the highest standards of security and efficiency. I am confident this collaboration will unlock new growth opportunities for clients across our shared sectors.”
