Fintech Eupago buys Pagaqui

The Portuguese payments fintech Pagaqui – which belonged to the UK fintech Teya -formerly SaltPay – has been bought out by the Portuguese fintech Eupago.

Eupago, which purchased Pagaqui to beef up its position in the electronic payments market, is now a leader in the payments sector in the Portuguese market.
In an interview with Negócios, the president of the Porto-based company, José Veiga, said: “With this acquisition, Eupago and Pagaqui aim to be the main operators of bill payments in Portugal, and we’re investing €2.5 million over three years in expanding our Pagaqui network to over 8,000 sale points.”
The former British fintech, which has just been purchased, has a network of 2,500 points of sale distributed via shops, kiosks, cafés, patisseries, and newsagents outlets.
José Veiga says that in the medium to long term the focus will be to solidify its presence in often forgotten by the banking system, and develop new products and financial services, as well as increasing its market share in Portugal.
To this end, the fintech has already established a number of partnerships with rural parishes, and Pagaqui aims to expand these partnerships at a district level, including Madeira and the Azores over the next three years.