Global banking leader Santander announced today the spinoff of their merchant payment business, Getnet Brazil. Beginning October 18th, Getnet will be listed on the B3 Exchange in Brazil, and on the Nasdaq beginning Oct 22nd. Santander sees the spinoff as the first step toward building Getnet into a global merchant acquiring business. Already the 3rd 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.
Don Apgar via PaymentsJournal.