GlobalCollect CEO Thomas Staudt said Sub1 provides access to almost 50 payment connections throughout the Latin American region.
"Through this acquisition, GlobalCollect will be able to accelerate the growth and offering in its primary countries in Latin America, notably Brazil, Chile, Argentina, Mexico, Columbia and Peru, and provide full service e-commerce PSP solutions through local acquirers for all regional or global payment methods and products," Staudt said.
The expanding Latin American market of B2C e-commerce sales is believed to rise from $33.9bn in 2012 to $55.4bn in 2015, according to research firm eMarketer.
Sub1 is a Payment Service Provider (PSP) having 70% market share in Argentina and is expanding across Latin American region, the firm said.
Sub1 has been offering both Card Present (POS) and Card Not Present transaction processing in Latin America for more than 15 years.
