Paysafe agrees deal to acquire German digital payments firm viafintech

UK payments company Paysafe is set to acquire Berlin-based viafintech in an all-cash deal.

Viafintech was founded in 2011

The agreement marks Paysafe’s third acquisition in the last month, following deals for South American firms SafetyPay and PagoEfectivo.

Once the three deals are completed, Paysafe says its eCash business will be able to provide digital payment and open banking solutions “in over 60 countries with over one million distribution points”.

The company says viafintech will accelerate its growth in Germany and other European markets, where it claims consumers “continue to move away from the legacy banking system”.

Founded in 2011, viafintech provides digital payment solutions that can be integrated with banking apps to allow users to make deposits, transfers or withdraw cash using a barcode.

The fintech, also known as Barzahlen and viacash, has presence across Germany, Austria, Switzerland, Italy, Greece and Spain. It boasts more than 20 retail partners and operates through a network of 20,000 points of sale.

Viafintech’s managing directors Sebastian Seifert, Achim Bönsch and Andreas Veller will join Paysafe’s eCash division as part of the deal.

The company’s majority shareholders – Glory Ltd and GRENKE BANK AG – will also continue partnering with Paysafe after completion of the sale.

Paysafe says the transaction is expected to close “over the coming months” subject to customary closing conditions.

Source: https://www.fintechfutures.com/2021/08/paysafe-agrees-deal-to-acquire-german-digital-payments-firm-viafintech/