Paysafe acquires SafetyPay

Paysafe has announced that it has singed a definitive agreement to acquire SafetyPay. The London-based online payments company will pay about 375 million euros for SafetyPay in an all-cash transaction.

SafetyPay, founded in 2007, is an ecommerce payments platform that enables online transactions via several open banking and electronic cash solutions. It operates primarily in Latin America but with additional coverage in Europe. The payments platform operates via a network of banks, with over 90 percent bank coverage, and over 180,000 cash collection points. It serves nearly 300 merchants primarily in the travel, entertainment, and digital goods industries.

For Paysafe, the acquisition is a great way to strengthen its presence in Latin America.

For Paysafe, the acquisition is a great way to strengthen its presence in Latin America, after it recently announced the acquisition of the Peruvian payments platform PagoEfectivo. Paysafe wants to enable businesses and consumers transacting seamlessly with the help of payment processing, digital wallets, eCash and online banking solutions. It offers over 70 payment methods in over 40 currencies around the world.

Part of portfolio including Skrill and Neteller

“We are very excited to welcome SafetyPay into the Paysafe family”, CEO Philip McHugh commented. Paysafe’s brand portfolio includes Neteller, Skrill, MeritCard, Paysafecard, Payolution and FANS Entertainment.

With Paysafecash, customers can shop online and then pay with cash.

With its brand Paysafecard, Paysafe enables customers to shop online without using an account or credit card, but by using a 16-digit PIN.  In 2018, the Paysafecard team developed Paysafecash, which allows customers to shop online first and then pay for their purchases with cash at convenient, nearby payment points. This solutions is currently available in almost 30 countries. Last year, Paysafecard and Paysafecash reached a transaction volume of over 3.92 billion euros.