Paysafe has accelerated its growth in Germany with the acquisition of viafintech. The specialised payments platform announced the completion of the deal on Monday.
viafintech, operating under the brand viacash, offers a bank-independent alternative payments infrastructure, offering a popular alternative to the traditional banking system. This investment allows Paysafe to expand in critical markets and position itself as the essential payments partner to challenger banks around the globe.
Sebastian Seifert, Co-founder and Managing Director of viafintech, said:
Sebastian Seifert Source: LinkedIn
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.
Founded in 2011, viafintech integrates with digital banking apps for its “mobile ATM” concept which allows consumers to make deposits or withdraw cash from their digital bank accounts at retail stores using a barcode. This offer is becoming more attractive in the region as bricks and mortar bank branches close and challenger banks and digital wallets grow in popularity.
Viafintech’s customers use their solutions for bill payments and credit pay-outs, as well as for online shopping in general. Millions of consumers in the region who don’t have bank accounts, or who simply prefer the heightened security, use eCash to pay online.
Udo Müller, CEO of Paysafe’s eCash division, commented:
This is a very exciting acquisition for Paysafe. By combining viafintech’s leading payment solutions with our own 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.
The integration process will see viafintech’s team, including managing directors, Sebastian Seifert, Achim Bönsch and Andreas Veller, become part of Paysafe’s expanding eCash solutions’ team, led by Paysafe eCash CEO, Udo Müller.
Earlier in August, Paysafe agreed to acquire SafetyPay for $441 million in an all-cash transaction. Payments platform SafetyPay operates primarily in Latin America and allows eCommerce transactions via an unrivalled choice of open banking and eCash solutions.
Independent writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.