Paysafe

Last updated

Paysafe Limited
Company type Public company
ISIN BMG6964L1072
Industry Online payments
Founded1996;28 years ago (1996) [1]
Headquarters London, UK
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]

Related Research Articles

<span class="mw-page-title-main">TMX Group</span> Canadian financial services company

TMX Group Limited is a Canadian financial services company that operates equities, fixed income, derivatives, and energy markets exchanges. The company provides services encompassing listings, trading, clearing, settling and depository facilities, information services as well as technology services for the international financial community.

<span class="mw-page-title-main">Advanced Info Service</span> Thai telecommunications company

Advanced Info Service Public Company Limited (AIS) is Thailand's largest GSM mobile phone operator with 39.87 million customers as of Q3 2016. Founded in April 1985, AIS started off as a computer rental business. In October 1990, it launched analog 900 MHz mobile phone services with a 20-year monopoly concession from the Telephone Organization of Thailand (TOT), and later became the first company allowed to operate on the GSM-900 frequency. It acquired Shinawatra Paging in June 1992.

<span class="mw-page-title-main">Skrill</span> E-commerce payment business

Skrill is part of Paysafe Limited, a global payments platform. It is one of Paysafe's digital wallet brands and was established in 2001 to offer multiple online payment and money transfer services. Skrill operates in more than 100 countries with the digital wallet offered in more than 40 currencies. The company facilitates multiple payment options including card payments, bank transfers and local payment methods. The funds in a Skrill account can then be used to pay merchants and other Skrill users or converted into cryptocurrency.

First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provides nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and at online outlets for nearly a third of all U.S. debit cards.

<span class="mw-page-title-main">Ukash</span> Former UK-based electronic money system

Ukash was a UK-based electronic money system that allowed users to exchange their cash for a secure code to make payments online. It was acquired by Skrill Group in April 2014 and merged into Austrian competitor paysafecard, acquired by Skrill a year earlier. All existing vouchers expired after 31 October 2015. Remaining ones could be exchanged into paysafecard PINs, in May 2016 paysafecard announced completion of the process.

<span class="mw-page-title-main">Intercontinental Exchange</span> American exchange and clearing house company

Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell 1000, the company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada, and Europe; the Liffe futures exchanges in Europe; the New York Stock Exchange; equity options exchanges; and OTC energy, credit, and equity markets.

<span class="mw-page-title-main">Euronet Worldwide</span> Electronic payments company

Euronet Worldwide is an American provider of global electronic payment services with headquarters in Leawood, Kansas. It offers automated teller machines (ATM), point of sale (POS) services, credit/debit card services, currency exchange and other electronic financial services and payments software. Among others, it provides the prepaid subsidiaries Transact, PaySpot, epay, Movilcarga, TeleRecarga and ATX.

Wirecard AG is an insolvent German payment processor and financial services provider whose former CEO, COO, two board members, and other executives have been arrested or otherwise implicated in criminal proceedings. In June 2020, the company announced that €1.9 billion in cash was missing. It owed €3.2 billion in debt. In November 2020, the company was dismantled after it sold the assets of its main business unit to Santander Bank for €100 million. Other assets, including its North American, UK and Brazilian units had been previously sold at nondisclosed prices. The company offered electronic payment transaction services and risk management, and issued and processed physical and virtual cards. As of 2017, the company was listed on the Frankfurt Stock Exchange, and was a part of the DAX stock index from September 2018 to August 2020.

paysafecard is part of Paysafe Limited (“Paysafe”) (PSFE.WS), a global payments platform. Paysafecard is a prepaid cash-based, online payment method based on vouchers with a 16-digit PIN code. The vouchers can be used to fund online transactions without a bank account, credit card, or other personal information.

Neteller is a global payments platform and digital wallet used to transfer money to and from merchants, such as forex trading brokers, social networks, and gambling websites. Users in the European Economic Area (EEA) and the United Kingdom can add a Net+ Mastercard to their account to pay with their balance in stores or withdraw it as cash from ATMs. Regardless of their location, users can transfer their balance to their own bank accounts or cards if they need to withdraw the funds from their account.

<span class="mw-page-title-main">Block, Inc.</span> American financial services company

Block, Inc. is a U.S. listed company founded by Jack Dorsey and Jim McKelvey in 2009. It is a financial technology conglomerate. The company reportedly serves 56 million users and 4 million businesses, and processes payments worth US$228 billion annually as of 2023.

Worldpay, Inc. is an American payment processing company and technology provider. In February 2024, it was separated from Fidelity National Information Services (FIS) to become an independent company once again. It is majority owned by private equity firm GTCR. It is headquartered in the greater Cincinnati, Ohio area. Worldpay, Inc., is the largest U.S. merchant acquirer ranked by general-purpose transaction volume.

<span class="mw-page-title-main">Xsolla</span> Payment service provider

Xsolla is a global video game commerce company headquartered in Sherman Oaks, Los Angeles, California. It was founded in 2005 by Aleksandr Agapitov in Perm (Russia), and is incorporated with subsidiaries globally.

Atlas Mara Limited, formerly referred to as Atlas Mara Co-Nvest Limited, is a financial services holding company formed to undertake the acquisition of target banks in Africa.

MobiKwik is an Indian payment service provider founded in 2009 that provides a mobile phone-based payment system and digital wallet. Customers can add money to an online wallet that can be used for payments. In 2013 the Reserve Bank of India authorized the company's use of the MobiKwik wallet, and in May 2016 the company began providing small loans to consumers as part of its service.

Blackhawk Network Holdings Inc. is an American privately held company that operates in the prepaid, gift card and payments industries. It sells branded physical and digital gifts, phones, prepaid debit, and incentives cards online and through a network of global retailers. Blackhawk's network reaches people through a number of different channels including in-store, online, mobile, and incentive. Blackhawk headquarters are in Pleasanton, California and the company was incorporated in 2006.

<span class="mw-page-title-main">SIA S.p.A.</span>

SIA S.p.A. is an Italian company operating in the area of ICT, providing services to the banking and finance sector in addition to platforms for financial markets and e-payment services.

<span class="mw-page-title-main">Tungsten Network</span> Global electronic invoicing firm.

Tungsten Network is a global electronic invoicing firm that provides supply chain financing services from international offices in the United Kingdom, United States, Bulgaria, Germany, and Malaysia. As a small- to medium-sized IT company, they have an estimated revenue of £31.3 million (GBP) as of July 2017. Tungsten Corporation Plc (TUNG) is reported to trade regularly on the London Stock Exchange. Main competitors in this arena include Tradeshift, Ariba, Basware, Taulia and iPayables.

Lesaka Technologies is a South-African financial technology company that is listed on the NASDAQ and Johannesburg Stock Exchange .Lesaka’s primary focus is on financial inclusion, offering financial services to previously underserved communities and merchants.

discoverIE Group Independent electronic components designer, manufacturer and supplier

discoverIE Group plc is an international designer and manufacturer of customised and niche electronic components for industrial use. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

References

  1. 1 2 "NETBANX Limited: Private Company Information". Bloomberg News . Retrieved 26 March 2015.
  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.
  11. ↑ "Paysafe completes business combination with Foley Trasimene Acquisition Corp II". Yahoo Finance UK. Retrieved 5 November 2021.
  12. ↑ "Paysafe completes merger of Foley Trasimene". ATM Marketplace. 31 March 2021. Retrieved 5 November 2021.
  13. ↑ "Company Overview of Optimal Payments (Ireland) Limited". Bloomberg L.P. Retrieved 27 March 2015.
  14. ↑ "Neteller Arrests" (PDF). Justice.gov. 16 January 2007. Retrieved 27 March 2015.
  15. ↑ "United States of America vs. Stephen Eric Lawrence" (PDF). Steptoe.com. Steptoe & Johnson LLP. 16 January 2007. Retrieved 27 March 2015.
  16. ↑ "Neteller acquires Netbanx for £12.36 million cash". Finextra. 1 November 2005. Retrieved 27 March 2015.
  17. ↑ "Neteller changes name to Neovia Financial". Finextra. 17 November 2008. Retrieved 27 March 2015.
  18. ↑ "Neovia Financial PLC - NEOVIA completes acquisition of Optimal Payments" (Press release). Reuters. 2 February 2011. Archived from the original on 2 April 2015. Retrieved 27 March 2015.
  19. ↑ "Neovia Financial PLC - Confirmation of name change" (Press release). Reuters. 4 March 2011. Archived from the original on 8 December 2014. Retrieved 27 March 2015.
  20. ↑ Reynolds, Bill (1 October 2014). John Lefebvre, Neteller and the Revolution in Online Gambling. ECW Press. p. 377. ISBN   978-1770905726.
  21. ↑ "Optimal Payments to acquire California based Meritus Payment Solutions to accelerate expansion in U.S. payments market" (Press release). London, Montreal, New York: Yahoo! Finance. CNW Group. 2 July 2014. Retrieved 27 March 2015.
  22. ↑ "Optimal Payments to buy e-wallet rival for $1.2 billion" (Press release). Reuters. 23 March 2015. Retrieved 27 March 2015.
  23. ↑ "Optimal Payments rebrands as Paysafe". thepaypers.com. 10 November 2015. Retrieved 21 April 2019.
  24. ↑ "Paysafe moves to London Stock Exchange's Main Market today". Leap Rate. 23 December 2016. Retrieved 3 March 2016.
  25. ↑ "Neteller and Skrill to pull prepaid Mastercard from 100 countries". latestcasinobonuses.com. Retrieved 27 November 2016.
  26. ↑ "Paysafe is about to be sold for almost 3 billion pounds - Slotsday". Slotsday. 5 August 2017. Retrieved 5 August 2017.
  27. ↑ "Mergers: Commission clears acquisition of Paysafe by CVC and Blackstone". European Commission. Brussels. 22 November 2017. Retrieved 26 January 2018.
  28. ↑ "Official List - Cancellation - Paysafe Group Plc". London Stock Exchange. 21 December 2017. Retrieved 26 January 2018.
  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.
  32. ↑ "Paysafe Group acquires Openbucks". www.mobilepaymentstoday.com. 28 July 2020.
  33. ↑ "Paysafe To Buy Openbucks and other Digital Transactions". Digital Transactions.
  34. ↑ "Paysafe card added as a payment option in Microsoft store". Finance Magnates. 23 December 2020.
  35. ↑ "Paysafe Is Near a $9 Billion Deal to Go Public". Bloomberg . 7 December 2020. Retrieved 14 December 2020.
  36. ↑ "Paysafe Enables eCash Payments for US Auto Loans With Exeter Finance". Businesswire. 28 April 2022. Retrieved 28 April 2022.
  37. ↑ "Paysafe Announces New CEO". Businesswire. 7 April 2022. Retrieved 9 May 2022.
  38. ↑ "Accept NETELLER in your Ecommerce Shop". About Payments. Retrieved 28 March 2015.
  39. ↑ "Net+ Prepaid Card Review". Prepaid365. November 2010. Retrieved 28 March 2015.
  40. ↑ "Skrill Holdings Limited: Private Company Information". Bloomberg News . Retrieved 26 March 2015.
  41. ↑ "Paysafecard". Mollie. Retrieved 31 December 2017.
  42. ↑ "Paysafecard launches Paysafecash". Finextra. 4 June 2018. Retrieved 5 November 2021.
  43. ↑ "Paysafe closes SafetyPay acquisition". Finextra Research. 31 January 2022. Retrieved 23 May 2023.
  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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.