Digital-payments platform Paysafe Limited (NYSE:PSFE) went public in March via a special-purpose acquisition company (SPAC). This kind of investment vehicle was very popular among investors in 2020 and in early 2021, but lately SPACS seem to have lost their luster. Many high-flying SPACs have fallen in recent months, including Paysafe. As of this writing, it's down 60% from its all-time high.

In this video from Motley Fool Backstage Pass, recorded on Oct. 5, Motley Fool contributor Jason Hall admits that many SPACs probably deserve to be down. However, fellow contributor Jose Najarro doesn't think that Paysafe falls in this category. To the contrary, Jose sees Paysafe as a good stock to buy. Here's why.

Jason Hall: A lot of SPACs have fallen in value recently, and let's be honest, there's some pretty garbage businesses that have gone public via SPAC, but not all of them. There are some pretty good businesses, but here's a list of some, just as a few examples of some that have maybe started out really well and then collapsed from there and then just a lot that generally have lost value this year so far.

What we're going to do is we're going to take a couple of minutes and we're going to talk about a few that we think right now, maybe they haven't performed very well. But we think there might be worth investing in. Jose.

Jose Najarro: Yes, Jason. The one I'm going to talk about right now is Paysafe. Sorry, guys. Let me just pull this up. I thought I had it open. Paysafe is traded under the New York Stock Exchange as ticker P-S-F-E. It's currently sitting at $7.22. Let me share my overall thoughts right now and let me share my screen to show why I'm bullish in this company.

Paysafe is pretty much a payment platform. Two markets that I'm super excited. First is the payment platform. The payment platforms is being used by a lot of iGamification, casino sports-betting company and I believe this is still early market. Here in the United States there's still numerous states that are still not allowing either sports betting or iGamification, which is online casino. I think the market is still pretty strong there. Paysafe also deals with a lot of payment platforms for numerous gaming companies. Well, I'm familiar with Microsoft, Xbox, and some of the other big players.

The other market that I'm super-excited about Paysafe is their eCash solutions. There's numerous countries around the world where the population percentage of people having a bank, some form of credit card is still very low. eCash solutions is the ability of using your cash. You go to a store who sells these eCash vouchers, you give them cash, and you get some form of receipt. This receipt now you're able to use to do online payment transactions. You don't need that credit card, you don't need that debit card. A lot of the countries right now that are growing in this market are in Latin America. also in Europe.

Paysafe, in the most recent six months, they made a few acquisitions. They recently acquired a company called PagoEfectivo, which is one in Latin America that deals with the eCash solutions, that's pretty impressive. They also acquired SafetyPay, which is also one that deals with Latin America, eCash solutions. You can see that they're growing in that market. They've also, I forget the name, they recently acquired another one that's in Europe, that's focusing in eCash solutions in Europe.

And like I mentioned, for me, that eCash solutions, but the ability or the growth in iGamification. I believe here in North America, they grew the iGamification revenue of about 60 percent and they're with big players with DraftKings. They're constantly winning new titles. We can see investing for growth here in North America, iGamification, and eCash solution, e-commerce, sales force, and the info sector.

This is the stock I'm looking at right now. Like I mentioned, right now, Paysafe, looking at the stock price is sitting at $7.22. We can see from its 52-week closing the stock is down about 57% so it's definitely seeing better days. One I currently have in my portfolio and from time-to-time, I am adding just because of the excitement of its growth.

Hall: It's interesting, I think you said at one of those examples, a lot of times, we focus on investing in our winners, typically, stocks that have gone up because that's a signal and as we investigate, we find the businesses performed very well and that's why the stock has gone up. Jose, this is an interesting. The business seems like it's executed well, just conviction from investors seems to have faded and the stock price has come down.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.