Global expansion plans for Getnet have been laid out for some time, but the services’ rapid adoption across South America has prompted PagoNxT to accelerate its expansion timetable.
Beginning operation in Brazil, the merchant payment provider processed €90 billion in about four billion payments after expanding service to Mexico, Chile and Argentina in 2020. Santander and PagoNxT’s decision to accelerate expansion is no surprise, considering the platform now holds the third highest customer base and turnover among merchant payment firms in Latin America.
“The global roll out of Getnet is ahead of plan and will allow us to offer the best possible services to our customers,” PagoNxT COO Javier San Félix stated in the release, adding that the Getnet’s European launch is made possible due to the acquisition of Wirecard’s assets by Santander in late 2020.
PagoNxT says it will add Uruguay to its LatAm operations soon. Its European expansion plan includes providing service to over 30 additional countries and setting up headquarters in Madrid and Munich.
Getnet already has about 600 of its 2,300 worldwide employees in Europe and says it would like to increase its headcount by another 20% as part of its growth strategy.
Getnet started as a payment technology company before being acquired by Santander in 2014. Since then, the brand has provided online payment services for large e-commerce retailers through PagoNxT, and now has plans to expand its services to over-the-counter and other payments, according to the release.
I am very interested to see how well the payment platform transitions from the LatAm market to Europe and if Getnet’s focus on larger, merchant-level business affects this. The business already serves Spain (where parent Santander is based) and Portugal, highlighting a nudge forward by the Spanish financial giant which adds juice to this expansion and makes it noteworthy in the European fintech space.