After acquiring PagoEfectivo and SafetyPay this month, London-based fintech company Paysafe has signed a definitive agreement to acquire market-leading German fintech company, viafintech, in an all-cash transaction.
How does viafintech’s acquisition benefit Paysafe?
The acquisition not only boosts Paysafe growth opportunities in Germany but also creates revenue-generating opportunities to cross-sell viafintech’s alternative banking and payments solutions to its merchants around the world.
The strategic acquisition also allows Paysafe to solidify its position as a global market leader for eCash and open banking solutions. On completion of the three acquisitions, the Paysafe eCash business will be able to offer eCash and open banking solutions in over 60 countries with over one million distribution points.
As part of the deal, the viafintech team, including viafintech’s managing directors, Sebastian Seifert, Achim Bönsch, and Andreas Veller, will become part of Paysafe’s expanding eCash and open banking solutions’ team which is headed up by Paysafe eCash CEO, Udo Müller.
The transaction is expected to close over the coming months, subject to customary closing conditions and in accordance with applicable laws and regulations. Until
viafintech
Founded in 2011, viafintech offers digital payment solutions which enable consumers to make deposits or withdraw cash from their digital bank accounts at a nearby retail store using a barcode.
The company’s solutions are also used widely for bill payments and credit payouts, as well as for online shopping in general, supporting consumers in the region who don’t have bank accounts, or who simply prefer the heightened security of using eCash to pay online.
viafintech also has a presence in five other European countries where it is known under the brands of Barzahlen/viacash (in Germany and Austria), and viacash (in Switzerland, Italy, Greece, and Spain).
The company operates via a network of 20,000 points of sale with over 20 well-known retail partners including REWE, Rossmann, dm, PENNY, BILLA, SBB, Carrefour Italy, and Bonpreu.
Sebastian Seifert, Co-founder and Managing Director of viafintech, said: “We are delighted to become part of the Paysafe Group and believe this move will enable us to build on our business achievements to date and accelerate our future growth as Europe’s number one, non-banking, cash-in / cash-out infrastructure, further fuelling the shift away from legacy banking and driving more financial inclusion in general.”
Paysafe
Based out of London, Paysafe is a payments provider offering a range of payments solutions for businesses and consumers.
With over 20 years of online payment experience, an annualised transactional volume of US $92 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world.
Following the sale of their shares to Paysafe, viafintech’s majority shareholder – Glory Ltd., a global leader in cash technology solutions – will enter into a new strategic partnership with Paysafe.
The two companies have signed a referral agreement that enables Glory to offer paysafecard, one of Paysafe’s leading eCash solutions, as a form of payment within its in-store payments kiosks, and, in turn, for Paysafe to offer Glory’s cash technology solutions to its merchants around the world.
Udo Müller, CEO, Paysafe eCash and Open Banking, said, “We are very excited to welcome a star player like viafintech into the Paysafe family. We believe the team is perfectly positioned to take advantage of the shift away from the legacy banking system in Germany and beyond as more and more challenger banks enter the market and consumers opt to use mobile-based solutions for banking and payments. 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.”
The post London-based fintech Paysafe agrees to acquire German firm viafintech appeared first on UKTN (UK Tech News).
