The payment platform, Paysafe, a popular choice among online gamblers, has expanded into the German market with the all-cash acquisition of the German financial technology group, Viafintech.
Paysafe has not disclosed the sum it paid for Viafintech, which it hopes to turn into a revenue-generating transaction and present the German brand’s alternative banking and payments solutions to its partners and merchants across the globe.
“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,” noted PaySafe’s ecash banking chief executive Udo Müller.
“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.”
The co-founder of Viafintech, Sebastian Seifert, said that his group was “delighted” to become part of the Paysafe Group and he believed that the move would enable the company to build on its business achievements and accelerate its future growth as Europe’s top, non-banking, cash-in/cash-out infrastructure.
Viantech has received its German bank license from Grenke Bank AG up until now, and the deal will ensure that this continues, going forward, with the same banking service in place.