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London-based fintech Paysafe adds viafintech to cart

London-based fintech company Paysafe signs a definitive agreement to acquire market-leading German fintech company, viafintech, in an all-cash transaction.

Paysafe is on an acquisition spree lately. After the acquisition of both SafetyPay and PagoEfectivo this month, the London based fintech company Paysafe has signed a definitive agreement to acquire market-leading German fintech company, viafintech, in an all-cash transaction.

As part of the deal, the viafintech team, including viafintech's managing directors, Sebastian Seifert, Achim Bönsch, and Andreas Veller, will become part of Paysafe's expanding eCash and open banking solutions' team, with Paysafe's eCash CEO, Udo Müller being at the helm of affairs.

Udo Müller, CEO, Paysafe eCash and Open Banking | Source: ForumF

Udo Müller, CEO, Paysafe eCash and Open Banking, said, "We are very excited to welcome a star player like viafintech into the Paysafe family. We believe the team is 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," he added.

The transaction is expected to be completed over the coming months, subject to customary closing conditions and according to applicable laws and regulations.

Founded in 2011, viafintech's Unique Selling Point (UPS) is its digital payment solution that enables consumers to make deposits or withdraw cash from their digital bank accounts at a nearby retail store using a barcode.

The company's solutions are widely utilized for bill payments, credit payouts, and online shopping. It also supports consumers in the region who don't have bank accounts or prefer the heightened security of using eCash to pay online.

Viafintech is active in five other European countries where it is known under the brands of Barzahlen/viacash (in Germany and Austria) and viacash (in Switzerland, Italy, Greece, and Spain).

Sebastian Seifert, Co-founder and Managing Director of viafintech, said: "We are delighted to become part of the Paysafe Group and believe this move will enable us to build on our business achievements to date and accelerate our future growth as Europe's number one, non-banking, cash-in / cash-out infrastructure, further fuelling the shift away from legacy banking and driving more financial inclusion in general."