Paysafe lands viafintech acquisition

Paysafe has completed the acquisition of German firm viafintech as it looks to expand its eCash division.

Viafintech, which is known by the brand name viacash, offers bank-independent alternative payments throughout Europe.

Paysafe said the acquisition would allow the firm to “expand in critical markets” and cement itself as a key strategic partner for challenger banks.

Viafintech’s technology allows it to integrate with digital banking apps to offer a ‘mobile ATM’ which enables customers to make deposits or withdrawals from retail stores using a barcode.

Viafintech currently offers its services in Austria, Germany, Greece, Italy, Spain and Switzerland at more than 20,000 points of sale.

As part of the deal, viafintech’s team will be integrated into Paysafe’s eCash division with managing directors Sebastian Seifert, Achim Bönsch and Andreas Veller also making the transition.

Udo Müller, Paysage eCash CEO, said: “This is a very exciting acquisition for Paysafe.

“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,” he added.

Seifert commented: “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.”