Paysafe reaches new milestone with Brazil payment institution license

The global payments platform, Paysafe, continues to expand its footprint after securing a new license in an important Latin American market.

Paysafe secures approval to launch services in Brazil

Earlier this week, the company revealed that it was granted approval from the Central Bank of Brazil for a payment institution (PI) license.

The milestone achievement for Paysafe enables the company to introduce its services to licensed operators within Brazil's regulated online sports betting and online gambling market.

Thanks to the new PI license, Paysafe significantly expands its presence entering the most populated Latin American country, paving the way for its further growth.

The newly secured license comes after the company recently joined the Brazilian Association of Fintechs in a move that reaffirmed its dedication to growing within the regulated iGaming vertical in Latin America.

Thanks to the PI license, iGaming and betting operators can tap into Paysafe's range of solutions, including the popular digital wallets, NETELLER and Skrill which were designed especially for the online gambling industry.

In addition, operators in Brazil will be able to benefit from alternative payment methods (APMs) thanks to Paysafe's payment gateway, SafetyPay.

Besides iGaming, the PI license enables the company to power businesses within the eCommerce, entertainment and travel sectors.

The new market is expected to bolster the company's future growth

Rob Gatto, Paysafe's Chief Revenue Officer, shared his excitement about the milestone achievement the company accomplished in Brazil.

"With this expansion, Paysafe is poised to better serve the Brazilian market with payment solutions, including the regulated Brazilian iGaming market, which will mark a new era for not only Latin American gaming but also the global space, with the country becoming the third largest betting jurisdiction on earth," he explained in a statement.

Finally, Gatto said: "We’re delighted to bring our deep payments, regulatory and compliance experience into play in this important new market to support Brazilian operators’ growth with our payment solutions following our new payment institution license, which will also allow us to streamline online transactions for local travel and entertainment merchants."

Brazil currently has a population of more than 212 million people, and its regulated online gambling and betting market is expected to hit $34 billion by 2028.

If the initial projections about the market turn into reality, it is expected to completely overshadow all other Latin American gambling markets.

In that line of thought, Paysafe's entry into Brazil is undoubtedly going to play a key role for its future expansion and growth.

So far, the company has established a presence in more than 90 regulated gambling markets across the globe.

In that total are some notable Latin American markets, including Colombia, Mexico, Argentina, Paraguay, Panama and Puerto Rico.

Most recently, Paysafe has gone live in the regulated market in Peru back in 2024.

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