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Wikipedia

Paysafe

February 04, 2023

For the namesake prepaid payment method, see paysafecard.

Paysafe Limited (formerly known as Optimal Payments PLC) is a multinational online payments company.[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, Paysafecash and paysafecard.

Paysafe Limited
TypePublic company
ISINBMG6964L1072
IndustryOnline payments
Founded1996; 27 years ago (1996)[1]
HeadquartersLondon, UK
Key people
William P. Foley, II[2][3]
(Chairman)

Bruce Lowthers[4][5]
(CEO)

Alex Gersh[6][7]
(CFO)
ProductsElectronic money
Digital wallet
Revenue US$1.426 billion (Fiscal Year Ended 31 December 2020)[8]
US$19.680 million (Fiscal Year Ended 31 December 2020)[8]
US$–126.714 million (Fiscal Year Ended 31 December 2020)[8]
Total assets US$7.021 billion (Fiscal Year Ended 31 December 2020)[8]
Total equity US$2.905 billion (Fiscal Year Ended 31 December 2020)[8]
Subsidiaries
WebsitePaysafe Limited

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 and the Financial Conduct Authority. 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 customers 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:

  • Neteller is an electronic money/digital wallet service that allows consumers to add, withdraw and transfer funds to and from merchants and other people.[38] Net+ prepaid payment card available in eight currencies is mainly intended to be used with Neteller and is accepted as normal MasterCard payment card.[39]
  • Skrill is a product that allows payments and money transfers to be made through the Internet, with a focus on low-cost international money transfers.[40]
  • paysafecard and Paysafecash are payment methods that allow customers to make payments online without the use of a bank account or credit card information.[41][42]
  • Income Access is an affiliate marketing and business intelligence provider.[43]

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.[44]

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.[45]

References

  1. ^ a b "NETBANX Limited: Private Company Information". Bloomberg News. Retrieved 26 March 2015.
  2. ^ "Paysafe announces Board of Directors for post-merger public company". finance.yahoo.com. Retrieved 5 November 2021.
  3. ^ "Paysafe is public, again". www.barrons.com. Retrieved 5 November 2021.
  4. ^ "Paysafe Stock Rises as New CEO Lowthers Is Appointed". Barrons. 8 April 2022. Retrieved 9 May 2022.
  5. ^ "Bruce F Lowthers profile". Bloomberg. Retrieved 9 May 2022.
  6. ^ "Paysafe hires Alex Gersh from Sportradar as its new CFO". Gambling Insider. 30 August 2022. Retrieved 3 October 2022.
  7. ^ "Alex Gersh is Named Paysafe's Newest Chief Financial Officer". Yahoo! Finance. 30 August 2022.
  8. ^ a b c d e "PaySafe Group Limited 2020 Annual Report". last10k.com. 31 December 2020. Retrieved 17 August 2021.
  9. ^ "Optimal Payments PLC (OPAY.L) Company Profile". Reuters. Reuters. Retrieved 26 March 2015.
  10. ^ a b "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. ^ (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.
  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.{{cite journal}}: CS1 maint: url-status (link)
  37. ^ "Paysafe Announces New CEO". Businesswire. 7 April 2022. Retrieved 9 May 2022.{{cite journal}}: CS1 maint: url-status (link)
  38. ^ "Accept NETELLER in your Ecommerce Shop". About Payments. Retrieved 28 March 2015.
  39. ^ "Net+ Prepaid Card Review". Prepaid365. 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. ^ "About us". IncomeAccess. Retrieved 31 December 2017.
  44. ^ "Optimal Payments Becomes Official Shirt Sponsor". Crystal Palace F.C. Official Website. 7 July 2014. Retrieved 31 March 2015.
  45. ^ Malsher, David (7 February 2018). "De Melo confirmed at Coyne with Paysafe sponsorship". Motorsport.com. Retrieved 18 February 2018.

External links

  • Official website
  • Business data for Paysafe Limited:
    • Bloomberg
    • Google
    • Reuters
    • SEC filings
    • Yahoo!

February 04, 2023
paysafe, namesake, prepaid, payment, method, paysafecard, limited, formerly, known, optimal, payments, multinational, online, payments, company, group, offers, services, both, under, brand, subsidiary, brands, that, have, become, part, group, through, several,. For the namesake prepaid payment method see paysafecard Paysafe Limited formerly known as Optimal Payments PLC is a multinational online payments company 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 Paysafecash and paysafecard Paysafe LimitedTypePublic companyTraded asNYSE PSFERussell 2000 componentISINBMG6964L1072IndustryOnline paymentsFounded1996 27 years ago 1996 1 HeadquartersLondon UKKey peopleWilliam P Foley II 2 3 Chairman Bruce Lowthers 4 5 CEO Alex Gersh 6 7 CFO ProductsElectronic moneyDigital walletRevenueUS 1 426 billion Fiscal Year Ended 31 December 2020 8 Operating incomeUS 19 680 million Fiscal Year Ended 31 December 2020 8 Net incomeUS 126 714 million Fiscal Year Ended 31 December 2020 8 Total assetsUS 7 021 billion Fiscal Year Ended 31 December 2020 8 Total equityUS 2 905 billion Fiscal Year Ended 31 December 2020 8 SubsidiariesSkrillNetellerpaysafecardWebsitePaysafe LimitedLegally 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 and the Financial Conduct Authority 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 Contents 1 History 2 Products and services 3 Sponsorship 4 References 5 External linksHistory EditThe 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 customers 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 EditThe company provides the following products and services Neteller is an electronic money digital wallet service that allows consumers to add withdraw and transfer funds to and from merchants and other people 38 Net prepaid payment card available in eight currencies is mainly intended to be used with Neteller and is accepted as normal MasterCard payment card 39 Skrill is a product that allows payments and money transfers to be made through the Internet with a focus on low cost international money transfers 40 paysafecard and Paysafecash are payment methods that allow customers to make payments online without the use of a bank account or credit card information 41 42 Income Access is an affiliate marketing and business intelligence provider 43 Sponsorship EditOptimal 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 44 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 45 References Edit a b NETBANX Limited Private Company Information Bloomberg News Retrieved 26 March 2015 Paysafe announces Board of Directors for post merger public company finance yahoo com Retrieved 5 November 2021 Paysafe is public again www barrons com Retrieved 5 November 2021 Paysafe Stock Rises as New CEO Lowthers Is Appointed Barrons 8 April 2022 Retrieved 9 May 2022 Bruce F Lowthers profile Bloomberg Retrieved 9 May 2022 Paysafe hires Alex Gersh from Sportradar as its new CFO Gambling Insider 30 August 2022 Retrieved 3 October 2022 Alex Gersh is Named Paysafe s Newest Chief Financial Officer Yahoo Finance 30 August 2022 a b c d e PaySafe Group Limited 2020 Annual Report last10k com 31 December 2020 Retrieved 17 August 2021 Optimal Payments PLC OPAY L Company Profile Reuters Reuters Retrieved 26 March 2015 a b Hogan Lovells results for calendar year 2017 hoganlovells com 23 February 2018 Retrieved 28 August 2018 Paysafe completes business combination with Foley Trasimene Acquisition Corp II Yahoo Finance UK Retrieved 5 November 2021 Paysafe completes merger of Foley Trasimene ATM Marketplace 31 March 2021 Retrieved 5 November 2021 Company Overview of Optimal Payments Ireland Limited Bloomberg L P Retrieved 27 March 2015 Neteller Arrests PDF Justice gov 16 January 2007 Retrieved 27 March 2015 United States of America vs Stephen Eric Lawrence PDF Steptoe com Steptoe amp Johnson LLP 16 January 2007 Retrieved 27 March 2015 Neteller acquires Netbanx for 12 36 million cash Finextra 1 November 2005 Retrieved 27 March 2015 Neteller changes name to Neovia Financial Finextra 17 November 2008 Retrieved 27 March 2015 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 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 Reynolds Bill 1 October 2014 John Lefebvre Neteller and the Revolution in Online Gambling ECW Press p 377 ISBN 978 1770905726 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 Optimal Payments to buy e wallet rival for 1 2 billion Press release Reuters 23 March 2015 Retrieved 27 March 2015 Optimal Payments rebrands as Paysafe thepaypers com 10 November 2015 Retrieved 21 April 2019 Paysafe moves to London Stock Exchange s Main Market today Leap Rate 23 December 2016 Retrieved 3 March 2016 Neteller and Skrill to pull prepaid Mastercard from 100 countries latestcasinobonuses com Retrieved 27 November 2016 Paysafe is about to be sold for almost 3 billion pounds Slotsday Slotsday 5 August 2017 Retrieved 5 August 2017 Mergers Commission clears acquisition of Paysafe by CVC and Blackstone European Commission Brussels 22 November 2017 Retrieved 26 January 2018 Official List Cancellation Paysafe Group Plc London Stock Exchange 21 December 2017 Retrieved 26 January 2018 Central Bank of Ireland Financial Service Provider Profile for Paysafe Payment Solutions Limited Retrieved 5 November 2021 Central Bank of Ireland Financial Service Provider Profile for Paysafe Prepaid Services Limited Retrieved 5 November 2021 eWallet Optimizer Paysafe Brexit Plans eWallet Optimizer 2 April 2019 Retrieved 2 April 2019 Paysafe Group acquires Openbucks www mobilepaymentstoday com 28 July 2020 Paysafe To Buy Openbucks and other Digital Transactions Digital Transactions Paysafe card added as a payment option in Microsoft store Finance Magnates Paysafe Is Near a 9 Billion Deal to Go Public Bloomberg 7 December 2020 Retrieved 14 December 2020 Paysafe Enables eCash Payments for US Auto Loans With Exeter Finance Businesswire 28 April 2022 Retrieved 28 April 2022 a href Template Cite journal html title Template Cite journal cite journal a CS1 maint url status link Paysafe Announces New CEO Businesswire 7 April 2022 Retrieved 9 May 2022 a href Template Cite journal html title Template Cite journal cite journal a CS1 maint url status link Accept NETELLER in your Ecommerce Shop About Payments Retrieved 28 March 2015 Net Prepaid Card Review Prepaid365 Retrieved 28 March 2015 Skrill Holdings Limited Private Company Information Bloomberg News Retrieved 26 March 2015 Paysafecard Mollie Retrieved 31 December 2017 Paysafecard launches Paysafecash Finextra 4 June 2018 Retrieved 5 November 2021 About us IncomeAccess Retrieved 31 December 2017 Optimal Payments Becomes Official Shirt Sponsor Crystal Palace F C Official Website 7 July 2014 Retrieved 31 March 2015 Malsher David 7 February 2018 De Melo confirmed at Coyne with Paysafe sponsorship Motorsport com Retrieved 18 February 2018 External links EditOfficial website Business data for Paysafe Limited BloombergGoogleReutersSEC filingsYahoo Retrieved from https en wikipedia org w index php title Paysafe amp oldid 1134584767, wikipedia, wiki, book, books, library,

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