Paysafe Completes Acquisition of Germany’s viafintech
Posted on: November 2, 2021, 10:26h.
Last updated on: November 2, 2021, 11:05h.
Paysafe Group is ready to take over the world of online payments for the gaming industry. It already has a strong presence in several markets, and now it’s completed the acquisition of another.
In August, Paysafe announced that it would bring viafintech, the Germany-based company behind Viacash, into its portfolio. That acquisition has now been completed.
viafintech manages a network of 20,000 sales points and has over 20 retail partners. Its technology lets customers withdraw money from their online banking accounts using a barcode.
FinTech Companies Gain Ground on Banks
The terms of the acquisition haven’t been made public. However, the managing directors of viafintech, Sebastian Seifert, Achim Bönsch, and Andreas Veller have become part of Paysafe’s eCash team, headed by Udo Müller.
Becoming part of the Paysafe Group will help us 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 said.
viafintech was founded in 2011 and offers a “mobile ATM.” This permits users to make deposits or withdraw cash from digital bank accounts using a barcode in a retail store. This is becoming a popular alternative for some gamers, because transactions can be done without submitting personal information. It’s also handy, as brick-and-mortar banks shrink their physical presence in some cities.
Paysafe Expansion Gives it Global Awareness
The acquisition of viafintech may be a critical move for Paysafe’s global expansion. viafintech is a leading market company in Germany and is present in five other European countries. It operates under the name of Barzahlen/Viacash in Germany and Austria, and Viacash in Italy, Greece, Switzerland, and Spain.
“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,” Sebastian Seifert, cofounder and managing director of viafintech.
Paysafe has had a presence in North America for the past 20 years. In 2006, Paysafe withdrew from the US market to comply with the UIGEA (Unlawful Internet Gambling Enforcement Act). However, it returned to the region when it won the RFP to supply payment solutions for the Loto-Québec. That’s a provincial crown corporation mandated to operate businesses which are incidental to the operation of a State casino in the province of Quebec, Canada.
After the experience in Canada, the company was in a good position to reenter the US. In 2013, the company started regulating online casinos and poker in Nevada, New Jersey, and Delaware. With the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018, Paysafe began offering operators payment solutions.
Today, Paysafe is a partner of 75% of US gaming operators in 17 states.
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