Online payments firm Paysafe to acquire German fintech viafintech
Paysafe, a UK-based online payments company, has signed an all-cash deal to acquire viafintech, a German fintech company.
The financial terms of the deal were not disclosed.
Known under the brands of Barzahlen/viacash and viacash, viafintech is claimed to provide the largest, bank independent, payments infrastructure in Germany, Austria, and Switzerland. The German fintech company enables an alternative to the conventional banking structure in the countries.
Established in 2011, viafintech integrates with digital banking apps to provide a mobile ATM concept for enabling consumers to either make deposits or withdraw cash from their digital bank accounts at a retail store located near them by using a barcode.
viafintech operates through a network of 20,000 points of sale with more than 20 popular retail partners. The German fintech company is also said to have deep relationships in the bill payments, banking, and eCommerce industries.
Online payments firm Paysafe to acquire German fintech viafintech. Photo courtesy of Free-Photos from Pixabay.
Sebastian Seifert — viafintech Co-founder and Managing Director 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.”
According to Paysafe, the acquisition of viafintech strengthens its growth opportunities in Germany apart from creating revenue-generating possibilities to cross-sell the latter’s alternative banking and payments solutions to its merchants across the globe.
Udo Müller — Paysafe eCash and Open Banking CEO 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.”
viafintech’s majority shareholder – Glory Ltd., a cash technology solutions provider, after the closing of the deal will sign a new partnership with Paysafe. The referral agreement between the parties will let Glory Ltd. to offer paysafecard, one of the eCash solutions of Paysafe.
On the other hand, Paysafe will be able to offer the cash technology solutions of Glory to its merchants globally.
Earlier this week, Paysafe signed a deal to acquire US-based payments platform SafetyPay for $441 million in cash. Prior to that, the online payments company agreed to acquire PagoEfectivo, a Peruvian alternative payments platform.