The all-cash deal, for an undisclosed sum, was announced in August. At the time, Paysafe said the deal would expand its growth prospects in Germany and create cross-sell opportunities for Viafintech elsewhere.
Viafintech operates via a network of 20,000 points of sale with more than 20 retail partners, with its technology allowing customers to withdraw cash from online banking accounts at retail stores using a barcode, as well as offering payments for a variety of sectors including gaming.
With the deal complete, Viafintech managing directors Sebastian Seifert, Achim Bönsch and Andreas Veller will become part of Paysafe’s eCash solutions team led by Udo Müller.
“Becoming part of the Paysafe Group will help 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,” Seifert says. “We are excited to be starting this next chapter and doubling our efforts to strengthen financial inclusion and shift away from legacy banking.”
Müller said Viafintech would combine well with Paysafe’s existing eCash operations.
“This is a very exciting acquisition for Paysafe,” he said. “By combining Viafintech’s leading payment solutions with our own eCash and alternative payment portfolio, we are very well positioned as an essential payments partner to challenger banks around the world.”
“This comes at a crucial point in time as we experience a consumer shift away from the legacy banking system and more and more challenger banks are entering the market and offering mobile-based solutions for banking and payments.”
The Viafintech deal was one of many pieces of merger and acquisition activity announced by Paysafe this year. It also announced its acquisition of ecommerce payment provider SafetyPay in an all-cash transaction. SafetyPay provides ecommerce transactions through open banking and ecash solutions in 11 Latin American countries.
This followed an agreement to acquire Peruvian alternative payment platform PagoEfectivo in a deal set to close this month.