PayRetailers Consolidates LatAm eCommerce Sector with 2 Acquisitions

Latin American FinTech payment specialist PayRetailers on Thursday (April 7) acquired online payments platforms Paygol and Pago Digital, moves that help to bring together the fragmented eCommerce sector across the region, according to the company press release.

The companies offer cross-border payment capabilities, understanding and presence in their local markets and financial safeguards, including PCI compliance. Chile’s Paygol is the official sponsor of Copa Chile Easy 2022, and Colombia-based Pago Digital has announced its sponsorship of Colombia’s premier football competition — the BetPlay DIMAYOR League.

PayRetailers’ acquisitions are two steps to consolidate a disjointed B2B eCommerce payments landscape that spans multiple countries, regulatory jurisdictions and currencies. The company leans on one online payments platform to bring some consistency and uniformity to the sector, the press release says.

“Countries, communities, companies and individuals are being transformed by eCommerce,” said PayRetailers founder and CEO Juan Pablo Jutgla in the company press release. “Hyper-local access to vast international markets will generate new investment, jobs, education and opportunity for millions across our continent.

“Both Pago Digital and Paygol share our vision of democratizing financial inclusion and clearly demonstrate a commitment to local communities through sponsorship. Today’s acquisitions take us closer to a seamless, barrier-free and open eCommerce payments platform that will bring financial inclusion from Tierra del Fuego to Punta Gallinas,” he said.

Related: Colombian FinTech Leal Snags $10M in Series A Funding

Last month, Colombian-based consumer and FinTech company Leal raised $10 million in a Series A fundraising round that will help it roll out its co-branded credit card and increase the size of its Mexico operations.

Leal will also use the money from investors to increase its focus on promoting its digital wallet as an ecosystem that offers more than cash back. The money will allow the company to invest in technology development in the next year.

Global internet services leader Rakuten Group, through its investment arm Rakuten Capital, and global FinTech investment firm IDC Ventures co-led Leal’s funding efforts.