Paysafe to acquire viafintech for Germany and European expansion
By Joy Dumasia
Paysafe, a specialized payments platform, announced that it had signed a definitive agreement to acquire a market-leading German FinTech company viafintech in an all-cash transaction. This latest acquisition not only boosts its growth opportunities in Germany, a critical market for its international merchants. It also creates revenue-generating opportunities to cross-sell through viafintech’s alternative banking and payments solutions to its merchants worldwide.
Paysafe’s core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallets, eCash and open banking solutions. It offers over 70 payment types in over 40 currencies around the world.
The combination of viafintech’s established banking framework and market leadership in Germany and elsewhere in Europe, together with Paysafe’s diverse payments portfolio and international merchant base, is expected to create compelling growth opportunities for each organization, both within Europe beyond.
This latest acquisition builds on Paysafe’s recent Latin American acquisition agreements with PagoEfectivo and SafetyPay. It allows Paysafe to solidify its position as a global market leader for eCash and open banking solutions where multiple payments players are competing to gain a stronger foothold in the emerging open banking ecosystem and the provision of alternative payment methods.
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 are 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.”
Recently, IBS Intelligence reported that Paysafe payments platform announced it had appointed International Payments Executive Chirag Patel as CEO of its Global Digital Wallets business.