The payment platform Paysafe has acquired Viafintech, a German fintech firm, for an undisclosed price. This agreement is the most recent in a series of mergers and acquisitions within the fintech sector. Paysafe states that the deal will facilitate their expansion in Germany and generate new revenue streams by offering Viafintech’s banking and payment solutions to businesses globally.

Established in 2011, Viafintech operates under the Barzahlen/Viacash and Viacash brand names. They provide financial services in Austria, Germany, and Switzerland. They also maintain operations in other European nations and possess a network of 20,000 points of sale with over 20 retail partners. They have strong connections within the banking, bill payment, and e-commerce industries.

Paysafe asserts that Viafintech’s banking system and robust presence in Germany and other parts of Europe, coupled with Paysafe’s payment services and global customer base, will create growth opportunities for both companies in Europe and beyond.

Paysafe, a leading provider of payment solutions, has announced the acquisition of viafintech, a German fintech company specializing in digital banking solutions.

Udo Müller, CEO of Electronic Cash and Open Banking at Paysafe, expressed confidence in the team’s ability to capitalize on the evolving banking landscape in Germany and other regions. He highlighted the increasing popularity of challenger banks and the growing consumer preference for mobile banking and payment solutions.

The acquisition will see viafintech’s team, including Managing Directors Sebastian Seifert, Achim Bönsch, and Andreas Veller, joining Paysafe’s Electronic Cash and Open Banking Solutions team.

Furthermore, Glory Ltd, viafintech’s former major shareholder and a provider of cash technology solutions, will establish a strategic partnership with Paysafe. This partnership will involve Glory offering Paysafe’s electronic cash solution, paysafecard, as a payment method in its in-store payment kiosks. Conversely, Paysafe will offer Glory’s cash technology solutions to its merchants.

Grenke Bank AG, which has provided viafintech with a German banking license and regulatory framework since 2017, will continue to provide the same banking services.

Seifert, a co-founder of Viafintech, stated, “We are thrilled to become part of the Paysafe Group. This move will allow us to leverage our past achievements and propel future expansion, establishing ourselves as the premier non-bank cash deposit and withdrawal network in Europe. This will further drive the transition away from traditional banking and foster greater financial accessibility.”

The acquisition is anticipated to finalize in the upcoming months, pending standard closing stipulations.

This action follows Paysafe’s recent announcement of its intent to acquire SafetyPay, an e-commerce payment provider, in an all-cash transaction. SafetyPay facilitates e-commerce transactions in eleven Latin American nations through open banking and electronic cash solutions.

Prior to this, the company had agreed to acquire PagoEfectivo, a Peruvian alternative payment platform, a deal expected to conclude this month.

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