In a move that is expected to greatly expand the company’s reach in Germany and beyond, London-based online payments company Paysafe acquired German fintech company viafintech early last week.
A global leader in providing alternative payment methods such as digital wallet and eCash services, Paysafe has been making significant inroads into the international monetary world. The acquisition of viafintech closely follows recent purchases of Latin American open banking firms PagoEfectivo and SafetyPay, bringing Paysafe to over a million distribution points in 60 countries around the world.
For its part, viafintech represents a solid network of assets in Germany and five other countries in Europe, including 20,000 points of sale and 20 leading retail partners. Among its market-disrupting offerings are a unique “mobile ATM” service through which customers can withdraw or deposit cash from their viafintech-based accounts at participating retail stores.
Paysafe has announced that it will be bringing a great deal of viafintech’s brainpower to its own services as soon as possible. In addition to bringing the viafintech team onto Paysafe’s eCash and open banking solution management groups, it has announced a new strategic partnership with viafintech majority shareholder Glory Ltd., featuring a mutually beneficial exchange in payment technology services between Glory and Paysafe.