Paysafe announce agreement to acquire iPayment to boost US presence
Paysafe have announced an agreement to acquire iPayment, a US based provider of payment and processing solutions for small and medium-sized businesses. The acquisition forms part of Paysafe’s previously stated investment strategy to expand its presence in North America in response to significant growth opportunities, particularly in the fast-growing SMB sector.
You may know Paysafe better from their consumer facing solutions, NETELLER and Skrill (formerly known as Moneybookers), although eBay banned Skrill as a payment method in 2015.
With more than 137,000 merchant customers as well as annual processing volumes of over $28 billion in 2017, iPayment is an established leader in the US based payment processing industry. The integration of iPayment with Paysafe will bring merchants, partners, consumers and platforms more product choice via an integrated payments platform which includes point of sale (POS) solutions, order ahead purchases and payments, as well as online payment products such as Paysafe’s leading prepaid solution, paysafecard.
“iPayment is an excellent strategic fit with Paysafe in terms of its comprehensive product offering, customer-centric focus and overall strategic vision. By bringing our two organisations together, we will be able to further strengthen our wide-ranging payments processing suite and expose it to a broader audience of merchants and consumers. We are all looking forward to the multiple opportunities this combination brings to the market.”
– Joel Leonoff, Paysafe’s President and CEO
The acquisition is expected to complete in Q2, 2018, pending final regulatory approvals. Until then, the two groups will continue to operate as independent organisations.