Paysafe acquires viafintech as it eyes growth in Europe

Karthik Subramanian

Paysafe, a leading payments platform has announced that it has signed an agreement to acquire the German fintech company, viafintech, in an all-cash transaction that is expected to increase its presence in Germany and across Europe as well.

paysafe

viafintech has the biggest bank independent infrastructure in the German region and that makes it an ideal candidate for a payments platform like Paysafe to be able to use this infrastructure and build financial services that would challenge the legacy systems that banks operate in currently. Paysafe also has plans to cross-sell services offered by either company to the users of the other which would help it to grow its userbase, The financial details of the transaction are not yet known.

Sebastian Seifert, Co-founder and Managing Director of viafintech, added: “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.”

vaifintech has been the pioneer of a concept that it calls as ‘mobile ATM’ where the users can deposit and withdraw cash at various merchant stores using a bar code and this has been gaining in popularity over the last few years as more users prefer to go the digital way and are tired of using the bank branches. The banks have also realized that the cost of running a branch is likely to be too much in the coming years as the users prefer digital banking for all banking services and the banks have started shutting down their branches in anticipation of diminishing demand.

Viafintech also has presence in 5 other countries which gives it a strong and reliable network of merchants and users in the region. For Paysafe, it is the second acquisition in the short term after the acquisition of SafetyPay just about a week back as it looks to grow in the Latin American region as well with a mission of growing globally.

The deal is expected to close in the coming months provided the customary regulatory approvals are obtained during this period. This is likely to greatly enhance the reach of Paysafe in the European region and also help it to offer a wide variety of financial services apart from just payments.

Read this next

Digital Assets

SEC apparently approved Ether ETF as VanEck’s listed by DTCC

Amid increasing speculation about the possible approval of a spot Ether (ETH) exchange-traded fund (ETF) in the United States, global investment manager VanEck’s ETF has been listed by the Depository Trust and Clearing Corporation (DTCC) under the ticker symbol “ETHV.”

blockdag

Unlocking Investment Potential: Introducing MoonBag Presale, the Cryptocurrency Set to Surpass ApeCoin and Bitbot

Discover MoonBag Presale, the cryptocurrency set to surpass ApeCoin and Bitbot. Unlock your investment potential now!

Fintech

Playtech sees promising growth despite dispute with Caliplay

Gambling technology group Playtech plc (LSE: PTEC) reported solid financial results for the four months to April 30 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue.

Chainwire

Multipool Launches LBP on Fjord Foundry Raising $200k in 24 Hours

Multipool, a leading innovator in the blockchain and cryptocurrency industry, launched their Fjord Foundry LBP on May 21st, raising $200k in the first 24 hours.

Chainwire

$BEER, a New Solana-Based Memecoin completes Pre-Sale of 30,000 SOL this week

The Liquid Gold, $BEER, has become the most discussed topic on Solana over the past two weeks. $BEER has skyrocketed into Twitter trends across Europe & Asia, captivating beer lovers worldwide.

Digital Assets

Hong Kong regulator orders Worldcoin to cease operations over privacy concerns

Hong Kong’s privacy regulator has ordered Worldcoin Foundation to cease all operations of its cryptocurrency project in the city, citing risks to privacy and personal data.

Inside View

MT4 vs MT5: Which Should You Choose for Crypto Trading?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two sophisticated trading platforms developed by MetaQuotes Software. Although MT4 is the more widely adopted choice, traders must determine which platform is better suited for them and understand the reasons behind this choice. Here’s everything you need to know.

Digital Assets

Intentable.io Launches Intent-Centric Architecture and Marketplace

Discover how Intentable.io, formerly Kiroboflow, is revolutionizing blockchain interactions with its Intent-Centric Architecture and new marketplace for intent-based strategies.

Digital Assets

Crypto ETFs, retail trading spike as Bitcoin nears record highs

BlackRock’s spot bitcoin exchange-traded fund (ETF), which trades under the ticker IBIT on Nasdaq, saw a record amount of cash injection after a quiet few weeks of net outflows. The healthy metrics came as bitcoin briefly traded above the $71,000 level for the first time in a month.

<