Paysafe has acquired Viafintech

The established payment platform Paysafe is expanding its eCash division. To do so, the company has acquired 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 employees, including CEO Sebastian Seifert, Achim Bönsch and Andreas Veller, now work for Paysafe's eCash division, which is led by Udo Müller, CEO of Paysafe eCash.

For Müller, Viafintech's wiring to Paysafe's existing eCash and APM offerings comes at an opportune time: the company is seeing a "shift away from traditional banking by households," he said. It also said more new banks are entering the market offering mobile banking and payments solutions. "We are excited about this new chapter where we can now double down on our efforts to strengthen financial inclusion and the shift away from traditional banking," said Sebastian Seifert, co-founder and CEO of Viafintech.

Paysafe was founded back in 1999 and is known for various payment services. Frequently used are, for example, digital wallets or the product "Paysafecard". This is a prepaid money card, which is also available in stationary trade, with which payment can be made at various internet offers without using an account or a 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. The company 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. Through the concept, individuals can 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 loan payments and online purchases.