Nuvei acquires Pay2All in Brazil igaming market push

Nuvei has announced that it is acquiring Pay2All – a licensed Payment Institution authorised by the Central Bank of Brazil. 

Described as a strategic milestone, the deal is expected to enhance Nuvei’s capabilities in the Brazilian market and reinforces its commitment to the Latin American (LatAm) region.

Revenue in the Brazilian igaming market is projected to reach US$1.97bn in 2024 and is predicted to show an annual growth rate (CAGR 2024-2029) of 15.39%, resulting in a projected market volume of US$4.03bn by 2029.

The Payment Institution licence – required to provide transactional services for authorised operators in the newly regulated market of sports betting and online gaming – 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.

Philip Fayer, Nuvei Chair and CEO, said: “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.” 

Much has been made of the opportunities Brazil’s betting market will offer, set to be one of the biggest in the world.

Opportunities of course are present for betting firms, both local and international, as well as sports clubs and associations, which can benefit from sponsorship revenue and corporate tax-funded government support.

Fayer added: “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.”