Paysafe

Last updated

Paysafe Limited
Company type Public company
ISIN BMG6964L1072
Industry Online payments
Founded1996;28 years ago (1996) [1]
Headquarters London, England
Key people
Dan Henson [2]
(Chairman)

Bruce Lowthers [3] [4]
(CEO)

Alex Gersh [5] [6]
(CFO)
Products Electronic money
Digital wallet
RevenueIncrease2.svg US$1.496 billion (Fiscal Year Ended 31 December 2022) [7]
Decrease2.svg US–$1.872 billion (Fiscal Year Ended 31 December 2022) [7]
Decrease2.svg US$–1.862 billion (Fiscal Year Ended 31 December 2022) [7]
Total assets Decrease2.svg US$5.957 billion (Fiscal Year Ended 31 December 2022) [7]
Total equity Decrease2.svg US$0.859 billion (Fiscal Year Ended 31 December 2022) [7]
Subsidiaries
Website Paysafe Limited

Paysafe Limited (formerly known as Optimal Payments PLC) is a multinational online payments company. [8] Paysafe offers payment processing, digital wallet and online cash systems to businesses and consumers, with particular experience of serving the global entertainment sectors. [9] The group offers services both under the Paysafe brand and subsidiary brands that have become part of the group through several mergers and acquisitions, most notably Neteller, Skrill, SafetyPay, PagoEfectivo, Paysafecash and paysafecard.

Contents

Legally domiciled in Bermuda, Paysafe’s corporate headquarters are in the United Kingdom. Various Paysafe group companies hold a number of licences from different national and state regulators including the U.S. Securities and Exchange Commission, Financial Conduct Authority and the Central Bank of Ireland. The company was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until it was acquired by a consortium of The Blackstone Group and CVC Capital Partners in December 2017. [10] Paysafe then listed on the New York Stock Exchange on March 31, 2021 (ticker PSFE) following a merger with special purpose acquisition company Foley Trasimene Acquisition Corp II. [11] [12]

History

The company was formed from the combination of Neteller PLC, Netbanx Ltd and Optimal Payments Limited. Netbanx was founded in 1996, [1] Optimal Payments in 1997, [13] and Neteller in 1999. [14] In April 2004, Neteller PLC raised about $70 million in its initial public offering (IPO) on the London Stock Exchange. [15]

In November 2005, Neteller PLC acquired Netbanx Ltd. [16] In November 2008, Neteller PLC renamed itself to Neovia Financial PLC. [17] In February 2011, Neovia Financial PLC acquired Optimal Payments of Montreal, Canada. [18] Next month, Neovia Financial PLC changed its name to Optimal Payments PLC. [19] In early 2012, the acquisition was revealed to be a reverse takeover with the purging of a number of the senior management along with the chairman of the board. [20]

In July 2014, Optimal Payment PLC expanded its United States interests by purchasing Meritus Payment Solutions, a California based payment processing company, and Global Merchant Advisors, Inc. based in the U.S. in a deal worth over $235 Million. [21] In March 2015, Optimal Payments PLC revealed that it would acquire rival Skrill group, including pre-paid voucher provider paysafecard, for a fee of around €1.1 billion. [22] In the same year, Optimal Payments rebranded as Paysafe Group. [23]

The company moved to the main market of the London Stock Exchange in December 2015. [24] On 25 November 2016, Paysafe Group, owner of Neteller and Skrill, restricted the use of the Net+ Prepaid MasterCard to countries within the Single Euro Payments Area (SEPA). This left users in over 100 countries unable to withdraw cash from ATM's, which left no recourse but to make purchases with Neteller/Skrill merchant partners or transfer funds to a bank account. [25]

In August 2017, it was announced that Paysafe would be sold to a consortium of The Blackstone Group and CVC Capital Partners for £2.96 billion, [26] making it the largest private equity backed takeover of a London-listed company since the financial crisis of 2007–2008. [10] The acquisition was approved by the European Commission on 22 November 2017. [27] On 21 December 2017, Paysafe got delisted from the London Stock Exchange. [28]

In April 2019, with the likelihood of the upcoming withdrawal of the United Kingdom (UK) from the European Union (EU), the so-called "Brexit", Paysafe Group announced their plans to prevent any negative effects for their users and merchants. Since Brexit came into effect, the company has transferred its European Economic Area (EEA) business to newly incorporated group companies based in Ireland, namely Paysafe Payment Solutions Limited [29] and Paysafe Prepaid Services Limited. [30] Each company is authorized and regulated as an electronic money institution by the Irish financial services regulator, the Central Bank of Ireland. [31]

In July 2020, it was announced that Paysafe bought payment gateway Openbucks for an undisclosed amount of money. It was announced that the Openbucks team would become part of the parent company's eCash solutions group. [32] [33] [34]

In December 2020, the company announced that it had entered into a definitive agreement to merge with special-purpose acquisition company, Foley Trasimene Acquisition Corp, in a US$9 billion transaction. [35]

In April 2022, Paysafe announced a new partnership with US-based auto finance company Exeter Finance, allowing for eCash payments for US auto loans. [36]

That same month, the company also announced Bruce Lowthers would replace Philip McHugh as CEO and executive director from May 1, 2022. [37]

Products and services

The company provides the following products and services:

Sponsorship

Optimal Payments was the official sponsor of Crystal Palace Football Club for the 2014/15 and 2015/16 seasons, with the front of the team's shirts displaying Neteller's logo. [47]

In February 2018 it was announced that Paysafe would sponsor the No. 19 Dale Coyne Racing Honda, shared by Zachary Claman DeMelo and Pietro Fittipaldi, in the 2018 Verizon IndyCar Series. [48]

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References

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  2. ↑ "Paysafe appoints daniel henson to refresh boardroom leadership". casinobeats.com/. 4 March 2022. Retrieved 4 March 2022.
  3. ↑ "Paysafe Stock Rises as New CEO Lowthers Is Appointed". Barrons. 8 April 2022. Retrieved 9 May 2022.
  4. ↑ "Bruce F Lowthers profile". Bloomberg. Retrieved 9 May 2022.
  5. ↑ "Paysafe hires Alex Gersh from Sportradar as its new CFO". Gambling Insider. 30 August 2022. Retrieved 3 October 2022.
  6. ↑ "Alex Gersh is Named Paysafe's Newest Chief Financial Officer". Yahoo! Finance. 30 August 2022.
  7. 1 2 3 4 5 "PaySafe Group Limited 2022 Annual Report" (PDF). paysafe.com. 15 March 2023. Retrieved 19 June 2023.
  8. ↑ "Optimal Payments PLC (OPAY.L) Company Profile". Reuters. Retrieved 26 March 2015.
  9. ↑ "Paysafe Reports First Quarter 2023 Results; Reaffirms Full Year Outlook". Yahoo Finance. 16 May 2023. Retrieved 20 June 2023.
  10. 1 2 "Hogan Lovells results for calendar year 2017". hoganlovells.com. 23 February 2018. Retrieved 28 August 2018.
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  29. ↑ "Central Bank of Ireland Financial Service Provider Profile for Paysafe Payment Solutions Limited" . Retrieved 5 November 2021.
  30. ↑ "Central Bank of Ireland Financial Service Provider Profile for Paysafe Prepaid Services Limited" . Retrieved 5 November 2021.
  31. ↑ "eWallet-Optimizer • Paysafe Brexit Plans". eWallet-Optimizer. 2 April 2019. Retrieved 2 April 2019.
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  44. ↑ "Paysafe finalises PagoEfectivo acquisition". thepaypers.com. Retrieved 23 May 2023.
  45. ↑ O'Boyle, Daniel (1 November 2021). "Paysafe completes acquisition of Germany's Viafintech". iGB. Retrieved 23 May 2023.
  46. ↑ "About us". IncomeAccess. Retrieved 31 December 2017.
  47. ↑ "Optimal Payments Becomes Official Shirt Sponsor". Crystal Palace F.C. Official Website. 7 July 2014. Retrieved 31 March 2015.
  48. ↑ Malsher, David (7 February 2018). "De Melo confirmed at Coyne with Paysafe sponsorship". Motorsport.com. Retrieved 18 February 2018.
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