Paysafe completes acquisition of viafintech

Karthik Subramanian

Paysafe, one of the largest payments platforms globally and especially in Europe, has announced the completion of its acquisition of viafintech, which is a market-leading fintech company in Germany in a move that is expected to give it a boost in the region.

paysafe

Paysafe has been looking for expansion in Europe as it has been faced with increased competition from a lot of startups and established players over the last couple of years when the payments industry has seen a huge boost. Though this has helped to expand the market and bring in various users who have never used digital payments before, the increased competition from new startups and crypto has placed companies like Paysafe in danger of being left out of the growth spectrum. It is in this background that this acquisition assumes importance as it would help the company to grow its services where its reach has been pretty limited.

Udo Müller, CEO of Paysafe’s eCash division, commented: “This is a very exciting acquisition for Paysafe. By combining via fintech’s leading payment solutions with our eCash and alternative payment portfolio, we are very well positioned as an essential payments partner to challenger banks around the world. This comes at a crucial point in time as we experience a consumer shift away from the legacy banking system and more and more challenger banks are entering the market and offering mobile-based solutions for banking and payments.”

viafintech, known under the brand viacash, offers one of the largest bank-independent alternative payments infrastructures in Europe and it integrates with the various digital apps to offer an innovative mobile-atm kind of offering where users can deposit and withdraw cash at merchants and stores with a simple barcode.

Sebastian Seifert, Co-founder and Managing Director of viafintech, added: “Becoming part of the Paysafe Group will help 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. We are excited to be starting this next chapter and doubling our efforts to strengthen financial inclusion and shift away from legacy banking.”

It is expected that post the acquisition, viafintech’s team, including managing directors, Sebastian Seifert, Achim Bönsch, and Andreas Veller, would become part of Paysafe’s expanding eCash solutions’ team which is headed up by Paysafe eCash CEO, Udo Müller.

Read this next

Digital Assets

DappRadar report: NFTs volume below $1 billion for the first time since June 2021

DappRadar’s July 2022 industry report found that blockchain games and their NFTs remain resilient amid a crypto winter accentuated by the debacle of Terra.

Digital Assets

Blockchain.com registers to operate crypto business in Italy

Blockchain.com had registered as a digital asset provider in Italy, following in the tracks of rivals who joined a special registry with brokerage regulator Organismo degli Agenti e dei Mediatori (OAM).

Digital Assets

Binance rolls out crypto card in Argentina with 8% cashback

Binance is launching its crypto debit card in Argentina, the first country in Latin America to have the product thanks to a partnership with Mastercard.

Digital Assets

Greece sends BTC-e operator Alexander Vinnik to US

Alexander Vinnik, an alleged Russian hacker accused of laundering $4 billion of criminal proceeds through BTC-e, has been extradited from Greece to the United States.

Retail FX

Saxo Bank reports weakest FX volume in 6 months

As many traders were away on annual summer leave, currency markets saw a relatively quiet period in July. Within that context, Copenhagen-based Saxo Bank has reported its monthly metrics, which showed a renewed decline month-over-month.

Market News

The Week Ahead: 5 August from David Madden, Market Analyst at Equiti Group

It has been an interesting week and despite a lot of negative news, equity markets enjoyed a positive run. US House Speaker, Nancy Pelosi, defied the warnings from the Chinese government and carried out a visit to Taiwan. The Beijing authorities moved military hardware close to the self-governed island to flex its muscles. Stock markets came under a little pressure as a result and risk-off assets like the Japanese yen and gold found themselves in high demand.

Opinion

Alina Strogonova of Muvon Payments: How Can Fintech Optimise Payments

Financial services in their conventional form are obsolete, according to fintech startups. New-age finance is constantly redesigning electronic money transactions and testing innovative solutions.

Digital Assets

No need for CFDs: BitMEX introduces leveraged FX perpetual swaps

Previously retail FX trading was mostly possible via CFDs (contract for difference). BitMEX’s FX perps allow both retail users and institutional traders to access FX markets through an exchange-traded contract.

Digital Assets

BEQUANT launches index measuring dollar against crypto

“Our research team has worked hard to quantify and capture the latest economic story into the broader crypto market.”

<