Paysafe, a provider of remittance solutions has announced its acquisition of Germany-based fintech, Viafintech. The all-cash transaction will widen Paysafe’s operations in Germany and Europe as a whole.
Viafintech is a viable acquisition for Paysafe’s expansion plans in Germany since it is undoubtedly the country’s most popular non-bank player. Its bank-independent infrastructure presents endless opportunities for Paysafe to build financial offerings that will better challenge banks.
Part of Paysafe’s plan is to cross-sell services to users across both platforms, allowing it to easily expand its userbase.
Vaifintech’s ‘mobile ATM’ service is available in 5 countries, allowing users to deposit and withdraw cash at various merchant/agent points using a bar code.
Both firms have declined to make the financial information of this acquisition public at the time for compiling this report. However, the deal will be finalized in the coming months, given that all regulatory approvals are gotten successfully.
“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,” said Viafintech’s Co-founder and MD Sebastian Seifert.
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