Paysafe completes acquisition of viafintech
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 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.