Paysafe Group has achieved a definitive deal to buy German fintech firm viafintech, allowing it to expand its business portfolio through M&A.
The viafintech team, which includes managing directors Sebastian Seifert, Achim Bönsch, and Andreas Veller, will be merged into Paysafe’s growing eCash and open banking solutions division, which will be led by Paysafe eCash CEO Udo Müller.
“We are very excited to welcome a star player like viafintech into the Paysafe family,” Müller said. “We believe the team are perfectly positioned to take advantage of the shift away from the legacy banking system in Germany and beyond as more and more challenger banks enter the market and consumers opt to use mobile-based solutions for banking and payments.
“By combining viafintech’s leading solutions with our existing eCash and APM portfolio, we are well positioned as an essential payments partner to challenger banks around the world as consumer banking habits continue to evolve.”
Innovative ‘mobile ATM’ concept
viafintech was founded in 2011 and integrates with digital banking apps to provide an innovative ‘mobile ATM’ concept, allowing customers to make deposits or withdraw cash from their digital bank accounts at a nearby retail store using a barcode; something that is becoming increasingly popular in the region as traditional bank branches close and challenger banks and digital wallets grow in popularity.
Millions of consumers in the region who don’t have bank accounts or want the added security of utilising eCash to pay online utilise the fintech’s products for bill payments and credit payouts, as well as for online shopping in general.
Sebastian Seifert, viafintech’s Co-Founder and Managing Director, added: “We are delighted to become part of the Paysafe Group and believe this move will enable us to build on our business achievements to date and accelerate our future growth as Europe’s number one, non-banking, cash-in / cash-out infrastructure, further fuelling the shift away from legacy banking and driving more financial inclusion in general.”