PagSeguro Digital : PagBank PagSeguro announces the acquisition of Concil
08/17/2021 | 09:34am EDT
PagBank PagSeguro announces
the acquisition of Concil
São Paulo, August 17, 2021 - PagSeguro Digital Ltd., or PagBank PagSeguro (NYSE: PAGS), which promotes innovative solutions and inclusion in financial services and payments, being the market leader in the number of merchants in the Brazilian Payments industry, announces the acquisition of Concil. The transaction reinforces the company's strategy to grow through the acquisitions that completes its ecosystem, reinforcing its tech position and creating integrated solutions for the Brazilian entrepreneurs of any size have more success in their businesses.
Concil, which is the leader in the reconciliation segment, has a complete and scalable platform, with a variety of products, since payments reconciliation, merchant discount rate audit, bank reconciliation, and offers plug-ins with the most relevant ERP systems available in the market. The company also has more the 35 partnerships and integrations with acquiring companies, vouchers and regional card schemes. Additionally, through Concil Recon, PagBank PagSeguro will increase its footprint in the prepayment activities in more structured and efficient way.
Founded in 1993, Concil has more than 6.000 active clients and process more than 50 million transactions totaling R$ 3 billion of TPV per month. In March 2021, Concil was considered one of the most innovative Brazilian Fintech by the Daily Finance magazine.
PagBank PagSeguro plans to use its unique distribution capability to offer a complete app of the best conciliation platform, previously available only for its biggest clients, free of charges now for all its 7.5 million clients, as of September 1st, 2021. PagBank PagSeguro clients which already have access to Auditek conciliation solution, will now have access to Concil's platform and Concil's clients will have their contracts with other acquirers respected.
About PagBank PagSeguro
PagBank PagSeguro is a disruptive provider of financial technology solutions focused primarily on consumers, individual entrepreneurs, micro-merchants, small companies, and medium-sized companies in Brazil. Among its peers, PagBank PagSeguro is the only financial technology provider in Brazil whose business model covers all the following five pillars:
Multiple digital banking solutions
In-personpayments via point of sale (POS) devices that PagSeguro Digital provides to merchants
Free digital accounts that PagSeguro Digital provides to its consumers and merchants with functionalities such as bill payments, top up prepaid mobile phone credit, wire transfers, peer to peer cash transfers, prepaid credit cards, cash cards, loans, investments, QR code payments, and payroll portability, among other digital banking services
Issuer of prepaid, cash and credit cards
Operate as a full acquirer
PagBank PagSeguro is an UOL Group Company that provides an easy, safe and hassle-free way of owning a free PagBank digital account, which is similar to a regular checking account linked to the Brazilian Central Bank's platform, with the feature of accepting payments, where its clients can transact and manage their cash, without the need to open a regular bank account. PagBank PagSeguro's end-to-end digital banking ecosystem enables its customers to accept a wide range of online and in-person payment methods, including credit cards, debit cards, meal voucher cards, boletos, bank transfers, bank debits and cash deposits.
PagBank PagSeguro's mission is to disrupt and democratize financial services in Brazil, a concentrated, underpenetrated and high interest rate market, by providing an end-to-end digital banking ecosystem that is safe, affordable, simple and mobile-first for both merchants and consumers.
Concil is leader and reference in financial solutions which promote digital transformation of Brazilian entrepreneurs. Its mission is to help companies to transform and simplify financial management, through technology, integrated information, and strategic partnerships, providing security in business decisions, time saving and improvement in financial results, anticipating major market trends.
SOURCE: PagBank PagSeguro
+55 (11) 3914-9524
This press release includes "forward-looking statements" within the meaning of the U.S. federal securities laws. Statements contained herein that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "continues," "expect," "estimate," "intend," "project" and similar expressions and future or conditional verbs such as "will," "would," "should," "could," "might," "can," "may," or similar expressions are generally intended to identify forward-looking statements. We cannot guarantee that such statements will prove correct. These forward-looking statements speak only as of the date hereof and are based on our current plans, potential mergers and acquisitions opportunities, estimates of future events, expectations and trends (including trends related to the global and Brazilian economies and capital markets, as well as the continuing economic, financial, political and public health effects of the coronavirus, or the COVID-19, pandemic.) that affect or may affect our business, financial condition, results of operations, cash flow, liquidity, prospects and the trading price of our Class A common shares, and are subject to several known and unknown uncertainties and risks, many of which are beyond our control. As a consequence, current plans, potential mergers and acquisitions opportunities, anticipated actions and future financial position and results of operations may differ significantly from those expressed in any forward-looking statements in this press release. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented. In light of the risks and uncertainties described above, the future events and circumstances discussed in this press release might not occur and are not guarantees of future performance. Because of these uncertainties, you should not make any investment decision based upon these estimates and forward-looking statements. To obtain further information on factors that may lead to results different from those forecast by us, please consult the reports we file with the U.S. Securities and Exchange Commission (SEC) and in particular the factors discussed under "Forward- Looking Statements" and "Risk Factors" in our annual report on Form 20-F filed with the SEC on April 27, 2021.
PagSeguro Digital Ltd. published this content on 17 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2021 13:33:13 UTC.