On March 31, Paysafe (NYSE:PSFE) debuted for public trading after completing its special purpose acquisition company (SPAC) merger with Foley Trasimene Acquisition II. The sentiment was generally optimistic at first, but soon Wall Street soured on PSFE stock.

To be honest, the relentless slide in the share price has caught me off guard. Paysafe is supposed to represent the future of digital payments, yet somehow the market hasn’t bought into this idea.

Bona fide contrarians really ought to consider PSFE stock at the current price. In an expensive stock market, this is a rare bargain and there truly is the potential for 2x or even 3x returns.

It’s not every day that I invite investors to get aggressive. So, let’s dive into Paysafe and see how far the share price has declined – and, perhaps, how high it could fly in the near future.

A Closer Look at PSFE Stock

PSFE stock used to trade under the ticker symbol BFT, when it was still Foley Trasimene Acquisition II.

Prior to the SPAC merger announcement, the share price stayed close to $10. Post-announcement, it rallied to a 52-week high of $19.57 on Jan. 21.

Then, stunningly, an unrelenting drawdown commenced. Even after the switch-over from BFT to PSFE stock, it seemed like the buyers just went into hibernation.

In August, the stock fell below the key $10 level. Some folks might consider it a bad sign when a post-SPAC stock goes below $10.

By the end of September, PSFE stock was trading below $8.

It’s painful to witness this – but on the other hand, enterprising investors might see an attractive buying opportunity here.

Multi-national Growth Strategy

Two recent acquisitions and a partnership make it crystal-clear that Paysafe’s ready and willing to expand its market presence, geographically and otherwise.

We can start our itinerary in Germany, the country where fintech company viafintech has its headquarters.

According to a press release, Paysafe has signed a definitive agreement to acquire viafintech in an all-cash transaction.

viafintech operates via a network of 20,000 points of sale with over 20 well-known retail partners. Furthermore, the company has deep relationships in the banking, bill payments and e-commerce markets.

Udo Müller, CEO of Paysafe eCash and Open Banking, clarified, “By combining viafintech’s leading solutions with our existing eCash and APM portfolio, we are well positioned as an essential payments partner to challenger banks around the world as consumer banking habits continue to evolve.”

Now taking a detour to Latin America, Paysafe has completed its acquisition of Peruvian-based alternative payments platform PagoEfectivo.

PagoEfectivo’s payment options are available in Peru but are also used by consumers in neighboring Ecuador, and the company plans to expand into further Latin American countries.

Challenging What Banking Can Do

The final stop on today’s multi-national excursion will be in the nation of Denmark.

This time, it’s a collaboration rather than an acquisition, but it’s still bullish for PSFE stock.

Reportedly, app-based Dutch challenger bank bunq has partnered with Paysafe to provide customers with access to a range of cash services.

As a result, customers who prefer to use cash can now use Paysafecash, one of Paysafe’s eCash solutions, to add cash into their bunq accounts.

The international rollout of the Paysafe-bunq partnership will start with 21 European countries. Above all else, it’s a chance for Paysafe to collaborate with an equally forward-thinking financial disruptor.

As bunq co-founder and CEO Ali Niknam explains, “bunq was founded to challenge what banking is and can do. By putting our users first we have created a bank that is super focused on making life easy in a sustainable way.”

The Bottom Line

By now, you should have the impression that Paysafe is planning a takeover of the planet.

That’s a slight exaggeration – or is it? Acquisitions and partnerships in multiple world regions can quickly augment Paysafe’s global market share.

At the same time, PSFE stock is out of favor on Wall Street.

That’s perfectly fine, as contrarian investors can now seize an opportunity which others just can’t see.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.