The Nasdaq and São Paolo IPO of merchant acquirer Getnet Brasil this October is another sign of PagoNxt’s growing importance at Banco Santander. While Santander Brasil previously housed Getnet home-market operations, the $1.3 billion listing serves to shift majority ownership to the new global payments platform. In doing so, it brings PagoNxt closer to a potential IPO of its own.
Speaking with Euromoney, PagoNxt chief executive Javier San Félix describes a very different approach to that of banks taking advantage of hot payments valuations and selling out to capital-rich specialists.
Firms such as Nexi and Worldline are increasingly dominant in payments in Europe – largely thanks to buying sub-scale businesses previously owned by banks, much as Paris-listed Amundi and others have done in asset management.
In the early 2010s, Santander looked like it was following that path.
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