In the latest fintech tie-up, Paysafe has acquired SafetyPay. The all-cash transaction marks Paysafe’s 13th acquisition and is expected to close for $441 million in the fourth quarter of this year.
Paysafe aims to leverage Florida-based SafetyPay, which has locations in 16 countries– 11 of which are located in Latin America– to boost its own presence in that geography.
SafetyPay was founded in 2006. The company enables users to make online cash payments, bank transfers, and cross border transactions without a payment card. The company’s network includes more than 380 banks and it works with 180,000 brick-and-mortar locations as cash collection points.
U.K.-based Paysafe was founded in 1996 and offers similar payment services as SafetyPay, including an online cash payments tool. Paysafe also provides digital wallets, standalone and integrated point of sale tools, and a digital marketing marketplace where advertisers can acquire new customers, monetize their traffic and generate revenue through partnerships.
Once the acquisition closes, the SafetyPay team will work as part of Paysafe’s eCash and online banking solutions group. SafetyPay CEO Gustavo Ruiz Moya will become CEO of eCash for Latin America and Global Head of Open Banking.
Paysafe’s previous acquisitions have greatly increased the breadth of its services. The company’s brands include Income Access, Paysafecard, Paysafecash, Neteller, Petroleum Card Services, and Skrill. Among Paysafe’s clients are MindBody, RentMoola, Policy Expert, and Amilia.
Photo by Franck on Unsplash
Within the newest fintech tie-up, Paysafe has acquired SafetyPay. The all-cash transaction marks Paysafe’s thirteenth acquisition and is anticipated to shut for $441 million within the fourth quarter of this yr.
Paysafe goals to leverage Florida-based SafetyPay, which has areas in 16 international locations– 11 of that are situated in Latin America– to spice up its personal presence in that geography.
SafetyPay was based in 2006. The corporate permits customers to make on-line money funds, financial institution transfers, and cross border transactions and not using a fee card. The corporate’s community consists of greater than 380 banks and it really works with 180,000 brick-and-mortar areas as money assortment factors.
U.Okay.-based Paysafe was based in 1996 and affords comparable fee companies as SafetyPay, together with an internet money funds device. Paysafe additionally gives digital wallets, standalone and built-in level of sale instruments, and a digital advertising and marketing market the place advertisers can purchase new prospects, monetize their visitors and generate income by means of partnerships.
As soon as the acquisition closes, the SafetyPay group will work as a part of Paysafe’s eCash and on-line banking options group. SafetyPay CEO Gustavo Ruiz Moya will develop into CEO of eCash for Latin America and World Head of Open Banking.
Paysafe’s earlier acquisitions have vastly elevated the breadth of its companies. The corporate’s manufacturers embrace Earnings Entry, Paysafecard, Paysafecash, Neteller, Petroleum Card Companies, and Skrill. Amongst Paysafe’s shoppers are MindBody, RentMoola, Coverage Professional, and Amilia.
Picture by Franck on Unsplash