Pesa Acquires UK’s Authoripay to Expand Global Remittance Capabilities
Deal News | Jun 20, 2025 | EIN
Toronto-based fintech Pesa has acquired UK electronic money institution Authoripay to bolster its cross-border payment capabilities, marking a significant expansion into European markets. This strategic transaction grants Pesa vital regulatory permissions by the Financial Conduct Authority, extending the company's potential for remittance services, electronic money issuance, and payment initiation across Europe. Rebranding Authoripay to Pesapeer Payments, Pesa anticipates a significant increase in transaction volume due to this acquisition. The move also includes Authoripay’s Principal Membership with Mastercard, allowing Pesa to globally issue and acquire Mastercard-branded cards, thus enhancing its suite of financial products. The acquisition aligns with Pesa's mission to be a borderless financial platform, offering more services at competitive pricing while ensuring compliance in international markets. Immigrant-founded in 2021, Pesa has achieved rapid growth, reporting over $380 million in transactions worldwide and achieving profitability within two years.
Sectors
- Financial Technology
- Payments and Remittances
Geography
- Canada – Pesa is a Toronto-based fintech company involved in the acquisition.
- United Kingdom – Authoripay, the acquisition target, is a UK-based electronic money institution.
- Europe – The acquisition grants Pesa regulatory access to key European markets, aligning with its growth strategy.
Industry
- Financial Technology – The acquisition involves Pesa, a fintech company, expanding its remittance and payment services internationally through the purchase of Authoripay.
- Payments and Remittances – The article discusses Pesa's intentions to enhance its payment and remittance service offerings by acquiring a payments service provider.
Financials
- $80 million – Annualized new transactional volume Authoripay is expected to contribute to Pesa's platform.
- $380 million – Transaction volume reported by Pesa across four continents.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Pesa | Acquirer | Company | A Toronto-based cross-border fintech firm acquiring Authoripay to expand global remittance capabilities. |
| Authoripay | Target Company | Company | A UK-based electronic money institution acquired by Pesa. |
| Financial Conduct Authority (FCA) | Regulatory Authority | Government | Provides key licenses to Authoripay, now transferred to Pesa as part of the acquisition. |
| Mastercard | Card Network Provider | Company | Provides the Principal Membership transferred to Pesa, allowing them to issue and acquire Mastercard-branded cards globally. |
| Tolu Osho | CEO and Co-founder | Person | Co-founder of Pesa, advocating the strategic importance of the acquisition. |
| Yusuf Yakubu | Co-founder | Person | Co-founder of Pesa, involved in its rapid growth and strategic expansions. |
| Adewale Afolabi | Co-founder | Person | Co-founder of Pesa, supporting the company's international operational strategy. |
| Ogechi Akinuli | PR Contact | Person | Pesa representative for media and inquiries. |