EVO Payments snaps up Chile’s Pago Fácil

NASDAQ-listed EVO Payments is a global provider of card payment solutions for all types of businesses, from small and medium-sized enterprises to large corporations, and is among the largest merchant acquirers and fully integrated payment processors in the world.

EVO Payments has business activities in 50 markets and in more than 150 currencies, and partners with some of the world’s leading banks, including Deutsch Bank, BNP Paribas, Sabadell and Bank of Ireland.

Chile-headquartered PST Pago Fácil, and which operates Peruvian subsidiary Servicios de Tecnología y Financieros Pago Fácil SpA (Chile), carries out activities related to the creation, development, distribution and commercialization of online payment software and technological platforms.

EVO Payments’ acquisition of Chile’s Pago Fácil also marks the US company’s entry into the Peruvian market, strengthening its presence in Latin America.

The acquisition delivers approximately 3,000 merchants to the joint venture and expands EVO Payments’ in-market integrated payment solutions and technology capabilities, which will enhance EVO’s acquiring services and attract new customers, the company said in a statement.

EVO will also leverage Pago Fácil’s gateway capabilities to enhance its business in Mexico, as well as other markets across Latin America EVO, enters in the future, it added.

Commenting on the transaction, EVO’s CEO James G. Kelly said, “Pago Fácil will enhance our position in the market by providing us additional gateway customers to target for acquiring services and integrations to eCommerce referral partners to augment the JV’s bank referral channel”.

For his part, Eugenio von Chrismar, CEO of Bci, said the incorporation of Pago Fácil will bring benefits for SMEs and other businesses.

“With this acquisition we are strengthening our payment platform and our ability to support thousands of businesses to strengthen and develop their eCommerce capabilities,” he said.

“We believe that this is key to improve the competitiveness and productivity of enterprises, SMEs and other businesses that operate in Chile. This acquisition also demonstrates our commitment to find spaces for collaboration and development of synergies between banks and Fintech companies in Chile,” he added.

Cristian Tala Sanchez, founder of Pago Fácil, said, “throughout 2020, our business demonstrated tremendous growth, including significant increases in processed transactions and payment volumes. We are excited to work with EVO and Bci, leveraging their payment capabilities and extensive customer base, to continue to grow our business and provide best-in-class eCommerce solutions in Chile and across Latin America”.

“By joining forces with two leading organizations, we will greatly enhance our financial technology offering, which will benefit our existing relationships and enable us to attract new customers as well,” he added

Peruvian law firm Hernández & Cía Abogados acted as local counsel to EVO Payments on the transaction, and which included the execution of due diligence of Pago Fácil.

The firm’s team advising EVO comprised partners Juan Luis Hernández and Sandro Cogorno Falcone, and who were assisted by senior associate Verónica Balta Velarde.

Chilean law firm Morales & Besa acted as international legal advisor of EVO Payments in Chile, with a team led by partner Eugenio Besa, with senior associates Andrea Díaz and Santiago Martínez, and associates José Manuel Llamazales, Sebastián Nieme, Marco Correa, María Luisa Portales and Jorge Beals.

Chilean law firm Carey acted as counsel to Bci with a team led by partners Diego Peralta and Francisco Ugarte and assisted by associate Diergo Lasagna.