 | |
| Company type | Public |
|---|---|
| |
| ISIN | BMG6964L1072 |
| Industry | Online payments |
| Founded | 1996; 30 years ago (1996)[1] |
| Headquarters | London, England |
Key people | |
| Products | Electronic money Digital wallet |
| Revenue |  US$1.71 billion (2024) |
 US$133 million (2024) | |
| US$22 million (2024) | |
| Total assets | US$4.81 billion (2024) |
| Total equity | US$879 million (2024) |
Number of employees | 3,300 (2024) |
| Subsidiaries | |
| Website | paysafe |
| Footnotes / references [5] | |
Paysafe Limited (formerly known asOptimal Payments PLC) is a multinational onlinepayments company.[6] Paysafe offers payment processing, digital wallet and online cash systems to businesses and consumers, with particular experience of serving the global entertainment sectors.[7] The group offers services both under thePaysafe brand and subsidiary brands that have become part of the group through severalmergers and acquisitions, most notablyNeteller,Skrill, SafetyPay, PagoEfectivo, PaysafeCash andPaysafeCard.
Legally domiciled inBermuda, Paysafe’s corporate headquarters are in theUnited Kingdom. Various Paysafe group companies hold a number of licences from different national and state regulators including theU.S. Securities and Exchange Commission,Financial Conduct Authority and theCentral Bank of Ireland. The company was listed on theLondon Stock Exchange and was a constituent of theFTSE 250 Index until it was acquired by a consortium ofThe Blackstone Group andCVC Capital Partners in December 2017.[8] Paysafe then listed on theNew York Stock Exchange on March 31, 2021 (ticker PSFE) following a merger withspecial purpose acquisition company Foley Trasimene Acquisition Corp II.[9][10]
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,[11] and Neteller in 1999.[12] In April 2004, Neteller PLC raised about $70 million in itsinitial public offering (IPO) on the London Stock Exchange.[13]
In November 2005, Neteller PLC acquired Netbanx Ltd.[14] In November 2008, Neteller PLC renamed itself to Neovia Financial PLC.[15] In February 2011, Neovia Financial PLC acquired Optimal Payments of Montreal, Canada.[16] Next month, Neovia Financial PLC changed its name to Optimal Payments PLC.[17] 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.[18]
In July 2014, Optimal Payment PLC expanded its United States interests by purchasing Meritus Payment Solutions, aCalifornia based payment processing company, and Global Merchant Advisors, Inc. based in the U.S. in a deal worth over $235 Million.[19] In March 2015, Optimal Payments PLC revealed that it would acquire rivalSkrill group, including pre-paid voucher providerpaysafecard, for a fee of around €1.1 billion.[20] In the same year, Optimal Payments rebranded as Paysafe Group.[21]
The company moved to the main market of the London Stock Exchange in December 2015.[22] On 25 November 2016, Paysafe Group, owner of Neteller and Skrill, restricted the use of the Net+ Prepaid MasterCard to countries within theSingle 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.[23]
In August 2017, it was announced that Paysafe would be sold to a consortium ofThe Blackstone Group andCVC Capital Partners for £2.96 billion,[24] making it the largestprivate equity backed takeover of a London-listed company since the2008 financial crisis.[8] The acquisition was approved by theEuropean Commission on 22 November 2017.[25] On 21 December 2017, Paysafe got delisted from the London Stock Exchange.[26]
In April 2019, with the likelihood of the upcoming withdrawal of theUnited Kingdom (UK) from theEuropean 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 inIreland, namely Paysafe Payment Solutions Limited[27] and Paysafe Prepaid Services Limited.[28] Each company is authorized and regulated as an electronic money institution by theIrish financial services regulator, theCentral Bank of Ireland.[29]
In July 2020, it was announced that Paysafe bought payment gatewayOpenbucks for an undisclosed amount of money. It was announced that the Openbucks team would become part of the parent company's eCash solutions group.[30][31][32]
In December 2020, the company announced that it had entered into a definitive agreement to merge withspecial-purpose acquisition company, Foley Trasimene Acquisition Corp, in a US$9 billion transaction.[33]
In April 2022, Paysafe announced a new partnership with US-based auto finance company Exeter Finance, allowing for eCash payments for US auto loans.[34]
That same month, the company also announced Bruce Lowthers would replace Philip McHugh as CEO and executive director from May 1, 2022.[35]
The company provides the following products and services:
Optimal Payments was the official sponsor ofCrystal Palace Football Club for the 2014/15 and 2015/16 seasons, with the front of the team's shirts displaying Neteller's logo.[45]
In February 2018 it was announced that Paysafe would sponsor the No. 19Dale Coyne RacingHonda, shared byZachary Claman DeMelo andPietro Fittipaldi, in the2018 Verizon IndyCar Series.[46]
