After buying PagoEfectivo and SafetyPay this month, London-based fintech firm Paysafe has signed a definitive settlement to accumulate market-leading German fintech firm, viafintech, in an all-cash transaction.
How does viafintech’s acquisition profit Paysafe?
The acquisition not solely boosts Paysafe development alternatives in Germany but in addition creates revenue-generating alternatives to cross-sell viafintech’s various banking and funds options to its retailers all over the world.
The strategic acquisition additionally permits Paysafe to solidify its place as a world market chief for eCash and open banking options. On completion of the three acquisitions, the Paysafe eCash enterprise will be capable of supply eCash and open banking options in over 60 nations with over a million distribution factors.
As a part of the deal, the viafintech group, together with viafintech’s managing administrators, Sebastian Seifert, Achim Bönsch, and Andreas Veller, will change into a part of Paysafe’s increasing eCash and open banking options’ group which is headed up by Paysafe eCash CEO, Udo Müller.
The transaction is anticipated to shut over the approaching months, topic to customary closing situations and in accordance with relevant legal guidelines and rules. Till
Based in 2011, viafintech gives digital cost options which allow shoppers to make deposits or withdraw money from their digital financial institution accounts at a close-by retail retailer utilizing a barcode.
The corporate’s options are additionally used broadly for invoice funds and credit score payouts, in addition to for on-line procuring normally, supporting shoppers within the area who don’t have financial institution accounts, or who merely favor the heightened safety of utilizing eCash to pay on-line.
viafintech additionally has a presence in 5 different European nations the place it’s recognized beneath the manufacturers of Barzahlen/viacash (in Germany and Austria), and viacash (in Switzerland, Italy, Greece, and Spain).
The corporate operates by way of a community of 20,000 factors of sale with over 20 well-known retail companions together with REWE, Rossmann, dm, PENNY, BILLA, SBB, Carrefour Italy, and Bonpreu.
Sebastian Seifert, Co-founder and Managing Director of viafintech, stated: “We’re delighted to change into a part of the Paysafe Group and imagine this transfer will allow us to construct on our enterprise achievements so far and speed up our future development as Europe’s primary, non-banking, cash-in / cash-out infrastructure, additional fuelling the shift away from legacy banking and driving extra monetary inclusion normally.”
Primarily based out of London, Paysafe is a funds supplier providing a spread of funds options for companies and shoppers.
With over 20 years of on-line cost expertise, an annualised transactional quantity of US $92 billion in 2020, and roughly 3,400 workers situated in 12+ world places, Paysafe connects companies and shoppers throughout 70 cost sorts in over 40 currencies all over the world.
Following the sale of their shares to Paysafe, viafintech’s majority shareholder – Glory Ltd., a world chief in money expertise options – will enter into a brand new strategic partnership with Paysafe.
The 2 corporations have signed a referral settlement that permits Glory to supply paysafecard, one in every of Paysafe’s main eCash options, as a type of cost inside its in-store funds kiosks, and, in flip, for Paysafe to supply Glory’s money expertise options to its retailers all over the world.
Udo Müller, CEO, Paysafe eCash and Open Banking, stated, “We’re very excited to welcome a star participant like viafintech into the Paysafe household. We imagine the group is completely positioned to make the most of the shift away from the legacy banking system in Germany and past as increasingly challenger banks enter the market and shoppers decide to make use of mobile-based options for banking and funds. By combining viafintech’s main options with our current eCash and APM portfolio, we’re well-positioned as a necessary funds accomplice to challenger banks all over the world as client banking habits proceed to evolve.”