Specialized payments platform Paysafe will be acquiring Germany-based viafintech, which offers the biggest bank-independent payments structure in the DACH region (Austria, Germany and Swizerland), according to a press release.
Viafintech operates under the brands Barzahlen/viacash and viacash and offers an alternative to traditional banks, the release stated.
By acquiring viafintech, Paysafe will gain the ability to grow more in Germany as well as create more revenue-generating opportunities, being able to cross-sell viafintech’s products for alternative banking solutions to merchants globally, according to the release.
Viafintech, which was founded in 2011, integrates with digital banking apps to provide a way for customers to make deposits or withdraw cash from digital bank accounts at retail stores, much like an ATM would allow, the release stated.
“We are very excited to welcome a star player like viafintech into the Paysafe family,” said Udo Müller, CEO of Paysafe eCash and Open Banking, in the release. “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.”
Meanwhile, viafintech Co-Founder and Managing Director Sebastian Seifert said in the release that the move “will enable us to build on our business achievements to date and accelerate our future growth as Europe’s No. 1, non-banking, cash-in/cash-out infrastructure, further fueling the shift away from legacy banking and driving more financial inclusion in general.”
This month, Paysafe also acquired SafetyPay, a Latin American digital payments platform. The company was founded in 2007 and lets eCommerce transactions happen at cash collection points, using open banking and eCash offerings.
The acquisition will help Paysafe establish more of a foothold in the region following the deal to acquire Peruvian payment service PagoEfectivo.