The transaction builds on Paysafe’s recent agreements to acquire Latin America-based companies PagoEfectivo and SafetyPay
Paysafe to acquire viafintech. (Credit: Gerd Altmann from Pixabay.)
UK-based online payments platform Paysafe has reached a definitive agreement to acquire Germany-based fintech firm viafintech in an all-cash transaction.
The transaction builds on Paysafe’s recent agreements to acquire Latin America-based companies PagoEfectivo and SafetyPay.
Established in 2011, viafintech operates through a network of 20,000 points of sale with strong relationships in the banking, bill payments and eCommerce industries.
The company offers an advanced ‘mobile ATM’ concept as an alternative to the traditional banking structure, by integrating with digital banking apps.
The mobile ATM solution enables consumers to make deposits or withdraw cash from their digital bank accounts at a nearby retail store using a barcode.
The transaction is expected to close in few months, subject to customary closing conditions and in accordance with applicable laws and regulations.
The transaction is expected to boost Paysafe’s growth in Germany and enables its global merchants to cross-sell viafintech’s alternative banking and payments solutions.
Paysafe eCash and open banking CEO Udo Müller 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.”
As part of the transaction, viafintech employees, including its managing directors Sebastian Seifert, Achim Bönsch and Andreas Veller, will be transitioned to Paysafe.
viafintech team will be added to Paysafe’s expanding eCash and open banking solutions’ team which is headed up by Paysafe eCash CEO Udo Müller.
With the acquisition, Paysafe benefits from viafintech’s established banking framework and market leadership in Germany and other territories in Europe.
Together with its diverse payment portfolio and global merchant base, Paysafe is well-positioned to create growth opportunities, both within Europe and beyond.
Furthermore, viafintech’s majority shareholder Glory, a cash technology solutions provider, will enter into a new strategic partnership with Paysafe, upon selling its shares to Paysafe.
As per their referral agreement, Glory will offer Paysafecard as a payment method within its in-store payments kiosks, and Paysafe will offer Glory’s cash technology solutions to its merchants.
viafintech’s German bank license and regulatory framework provider GRENKE BANK is expected to continue its banking services offering in future, without any changes.
viafintech co-founder and managing director Sebastian Seifert 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.”