heidelpay Group to acquire Paysafe Pay Later business
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Germany-based heidelpay Group announced that it would acquire Paysafe Group’s deferred payments arm, Paysafe Pay Later for an undisclosed sum. This investment is expected to enable heidelpay to grow its European presence and deferred payments offering for merchants. The CEO of Paysafe Pay Later, Claire Gates will transfer to the company along with the entire Vienna-based Paysafe Pay Later team.
The acquisition is expected to complete in the third quarter of 2020, pending regulatory approvals.
“Paysafe Pay Later is a great company with strong leadership and a talented, experienced team. They have built a deep customer base across the DACH region and are very experienced in developing pay later payment services. This acquisition is an important step in our overall expansion strategy, and I look forward to welcoming the Paysafe Pay Later team to heidelpay. I am confident their integration into our Group will become a key part of our growth story,” commented Mirko Hüllemann, founder and CEO of the heidelpay Group.
Founded in 2011, Paysafe Pay Later, formerly “Payolution”, is an omnichannel provider with solutions for both online and brick-and-mortar retailers wishing to offer white-labelled invoice and instalment payment solutions, as well as bank transfers and direct debits. It is used by a wide range of well-known household names including Decathlon, Teufel and Schuhcenter.de.
Philip McHugh, CEO of Paysafe Group, added, “This sale reinforces our strategic direction of focusing on our core payment processing, digital wallets and e-Cash businesses. We believe we have found the right long-term owners for Paysafe Pay Later in heidelpay: they are committed to the deferred payments sector, and we wish Claire and the entire team all the very best as they prepare to enter the next phase of their journey.”
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