Paysafe has signed their agreement to acquire Viafintech‘s company and markets. The German financial tech business has been acquired by the payment platform for an undisclosed sum.
This will allow them to expand and grow within Germany and its markets, and would give them the opportunities to cross-sell Viafintech’s solutions to merchants around the world.
The tech business currently has the Barzahlen and Viacash brands which offer financial services across the DACH region of Germany, Austria, and Switzerland. They also operate in other European countries and have a network of 20,000 points of sale across over 20 retail partners, in addition to their relationships with other banking and payment providers.
Udo Müller, ecash and open banking chief executive of Paysafe, said: “We believe the team are perfectly positioned to take advantage of the shift away from the legacy banking system in Germany and beyond as more and more challenger banks enter the market and consumers opt to use mobile-based solutions for banking and payments.
“By combining Viafintech’s leading solutions with our existing eCash and APM portfolio, we are well positioned as an essential payments partner to challenger banks around the world as consumer banking habits continue to evolve.”
Further acquisitions for Paysafe
This latest acquisition for Paysafe should allow them to chase down opportunities both in Europe and further afield.
Viafintech’s former majority shareholder – Glory Ltd – is due to enter a new strategic partnership with Paysafe. They will begin to offer paysafecard as an option within their in-store payment kiosks while Paysafe will offer their cash technology solutions to their merchants.
The deal is due to close in a few months, and comes off the back of Paysafe’s acquisition of ecommerce payment provider SafetyPay, and the Peruvian alternative payment platform PagoEfectivo.
