Paysafe has taken over Viafintech

The established payment platform Paysafe is expanding its eCash division. To this end, the company has acquired the German fintech market leader Viafintech.

With the help of the investment, Paysafe wants to expand and states that it wants to position itself as an "indispensable payment partner for challenger banks around the world". Viafintech's employees, including Managing Director Sebastian Seifert, Achim Bönsch and Andreas Veller, now work for Paysafe's eCash division, which is headed by Udo Müller, CEO of Paysafe eCash.

For Müller, the wiring of Viafintech with Paysafe's existing eCash and APM offerings comes at an opportune time: the company is seeing households "turning away from traditional banking systems". In addition, more and more new banks are entering the market offering mobile solutions for banking and payments. "We are looking forward to this new chapter, where we can now redouble our efforts to strengthen financial inclusion and move away from traditional banking," says Sebastian Seifert, co-founder and CEO of Viafintech.

Paysafe was founded back in 1999 and is known for various payment services. Digital wallets and the "Paysafecard" product are frequently used, for example. This is a prepaid money card that is also available in bricks-and-mortar stores and can be used to pay for various online services without using an account or credit card. The company is based in Douglas on the Isle of Man in the Irish Sea.

Viafintech was founded at the beginning of the German start-up boom in 2011 and is known for its products "Barzahlen" and "Viacash", among others. The company has developed a payment infrastructure based on barcodes. In this category, it is one of the largest in Europe. The concept allows private individuals to make deposits or cash withdrawals from their digital bank accounts at a nearby retail store using a barcode. The company's technology is also used for bill and credit payments as well as online purchases.