London-based Paysafe signs deal to acquire fintech firm viafintech

Paysafe, a multinational online payments company based in London, has reportedly plans to acquire Germany-based fintech firm, viafintech.

Sources claim that the acquisition of viafintech will help Paysafe to expand in Germany and build more growth opportunities for generating good revenue and cross-sell viafintech’s alternative banking and payments solutions to its merchants around the world.

viafintech offers a popular alternative to the traditional banking structure and provides the largest bank-independent payments structure in the DACH region (Austria, Germany, and Switzerland).

Established in 2011, viafintech assimilates with digital banking apps to offer an innovative ‘mobile ATM’ model that enables customers to withdraw cash or make deposits from digital bank accounts at retail stores.

As per sources, the viafintech team, including its Managing Directors, Achim Bönsch, Sebastian Seifert, and Andreas Veller, will join the team of Paysafe’s expanding eCash and open banking solutions’ which Paysafe eCash CEO, Udo Müller will head.

According to Udo Muller, their firm is thrilled to welcome viafintech into the Paysafe family. Paysafe believes that the team is all set to benefit from shifting away from the traditional banking system in Germany and elsewhere as more competitor banks enter the market and consumers prefer mobile-based banking and payment options.

Meanwhile, Sebastian Seifert, viafintech’s Co-Founder and Managing Director, said in the release that this strategy would empower them to develop their business achievement till date and fast-track future growth to be the leading non-banking, cash-in/cash-out infrastructure in Europe, further accelerating the gradual shift from traditional banking and encouraging more financial inclusion.

Paysafe also acquired SafetyPay, a Latin American digital payments platform, this month. The organization was established in 2007 and allows users to make ecommerce payments at cash collection access points by utilizing eCash and open banking offerings.

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