Santander Spins off Merchant Payment Business Getnet Brazil

Global banking leader Santander announced today the spinoff of their merchant payment business, Getnet Brazil. Beginning October 18^th, Getnet will be listed on the B3 Exchange in Brazil, and on the Nasdaq beginning Oct 22^nd. Santander sees the spinoff as the first step toward building Getnet into a global merchant acquiring business.  Already the 3^rd largest acquirer in Brazil and number one in eCommerce processing, Getnet is planning a major expansion through the LatAm regions, into the UK, and eventually the North American markets. Getnet has doubled its market share in Brazil in just 5 years, and today services more than 1.2 million merchants in Brazil, Mexico, Argentina, Chile, Uruguay and parts of Europe.

The spin-off of Getnet Brazil, which was a wholly owned subsidiary of Santander Brazil, is part of Santander Group’s plans to create a global merchant acquiring franchise under the Getnet brand as part of PagoNxt – a technology-focused global payment fintech fully owned by Santander to integrate the bank’s most innovative and disruptive payments franchises.

by Don Apgar via PaymentsJournal.

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