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{{Short description|Online payments company}}
{{Infobox Company | <!-- http://www.hoovers.com/neteller/--ID__133478--/free-co-factsheet.xhtml -->
{{for|the namesake prepaid payment method|paysafecard}}
company_name = Neovia Financial PLC|
{{Use dmy dates|date=April 2022}}
company_logo = ]|
{{Infobox company
company_type = ] (LSE: NEO)|
| name = Paysafe Limited
foundation = 1996|
| logo = Paysafe Logo.svg
location = ], ]|
| type = ]
key_people = Mark Mayhew, ] & ] <br /> Dale Johnson, ]|
| traded_as = {{ubl|{{NYSE|PSFE}}|] component}}
industry = ]|
| ISIN = BMG6964L1072
products = ]|
| industry = ]
revenue = {{profit}}$65 Million ] (2009)|
| founded = {{Start date and age|1996}}<ref name=bloomberg-profile>{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=24546813|title=NETBANX Limited: Private Company Information|website=] |access-date=26 March 2015}}</ref>
num_employees = 447 (2009)|
| location = ], England
'''NEOVIA''' ({{LONDON AIM|NETELLER}})|
| key_people = Dan Henson<ref>{{Cite web|url=https://casinobeats.com/2022/03/04/paysafe-appoints-daniel-henson-to-refresh-boardroom-leadership/|title=Paysafe appoints daniel henson to refresh boardroom leadership|access-date=2022-03-04|website=casinobeats.com/|date=4 March 2022 }}</ref><br />{{small|(])}}<br />
homepage = |}}
Bruce Lowthers<ref>{{Cite web|date=2022-04-08|title=Paysafe Stock Rises as New CEO Lowthers Is Appointed|url=https://www.barrons.com/articles/paysafe-psfe-stock-bruce-lowthers-chief-executive-51649420301|access-date=2022-05-09|website=Barrons|language=en}}</ref><ref>{{Cite web|title=Bruce F Lowthers profile|url=https://www.bloomberg.com/profile/person/20480533|access-date=2022-05-09|website=Bloomberg|language=en}}</ref><br />{{small|(])}}<br />
Alex Gersh<ref>{{Cite web|date=2022-08-30|title=Paysafe hires Alex Gersh from Sportradar as its new CFO|url=https://www.gamblinginsider.com/news/17920/paysafe-hires-alex-gersh-from-sportradar-as-its-new-cfo/|access-date=2022-10-03|website=Gambling Insider|language=en}}</ref><ref>{{Cite web|date=2022-08-30|title=Alex Gersh is Named Paysafe's Newest Chief Financial Officer|url=https://finance.yahoo.com/news/alex-gersh-named-paysafe-newest-223638778.html|website=Yahoo! Finance|language=en}}</ref><br />{{small|(])}}<br />
| products = ]<br />]
| revenue = {{increase}} {{US$|1.496 billion|link=yes}} (''Fiscal Year Ended 31 December 2022'')<ref name=AnnualR2022>{{cite web|title=PaySafe Group Limited 2022 Annual Report |url=https://ir.paysafe.com/regulatory-filings/all-sec-filings/content/0000950170-23-008186/0000950170-23-008186.pdf|website=paysafe.com |accessdate=19 June 2023|date=15 March 2023}}</ref>
| operating_income = {{decrease}} US–$1.872 billion (''Fiscal Year Ended 31 December 2022'')<ref name=AnnualR2022 />
| net_income = {{decrease}} US$–1.862 billion (''Fiscal Year Ended 31 December 2022'')<ref name=AnnualR2022 />
| assets = {{decrease}} US$5.957 billion (''Fiscal Year Ended 31 December 2022'')<ref name=AnnualR2022 />
| equity = {{decrease}} US$0.859 billion (''Fiscal Year Ended 31 December 2022'')<ref name=AnnualR2022 />
| num_employees =
| subsid = {{ubl|]|]|]}}
| website =
}}


'''Paysafe Limited''' (formerly known as '''Optimal Payments PLC''') is a multinational online ].<ref>{{Cite web | title = Optimal Payments PLC (OPAY.L) Company Profile | work=Reuters | url = https://www.reuters.com/finance/stocks/companyProfile?symbol=OPAY.L | access-date = 26 March 2015 }}</ref> Paysafe offers payment processing, digital wallet and online cash systems to businesses and consumers, with particular experience of serving the global entertainment sectors.<ref>{{Cite web |date=2023-05-16 |title=Paysafe Reports First Quarter 2023 Results; Reaffirms Full Year Outlook |url=https://uk.finance.yahoo.com/news/paysafe-reports-first-quarter-2023-105500293.html |access-date=2023-06-20 |website=Yahoo Finance |language=en-GB}}</ref> The group offers services both under the ''Paysafe'' brand and subsidiary brands that have become part of the group through several ], most notably ], ], SafetyPay, PagoEfectivo''',''' Paysafecash and ].
'''Neovia Financial PLC''' is a ] global payments company based in the ] and regulated in the ]. It is the provider of the Netbanx gateway, Neteller e-wallet, and Net+ debit card products that are used by merchants and consumers in over 170 countries.


Legally domiciled in ], Paysafe’s corporate headquarters are in the ]. Various Paysafe group companies hold a number of licences from different national and state regulators including the ], ] and the ]. The company was listed on the ] and was a constituent of the ] until it was acquired by a consortium of ] and ] in December 2017.<ref name=hogan/> Paysafe then listed on the ] on March 31, 2021 (ticker PSFE) following a merger with special purpose acquisition company Foley Trasimene Acquisition Corp II.<ref>{{cite web|url=https://uk.finance.yahoo.com/news/paysafe-completes-business-combination-foley-210300285.html|title=Paysafe completes business combination with Foley Trasimene Acquisition Corp II|website=Yahoo Finance UK|access-date=5 November 2021}}</ref><ref>{{cite web|url=https://www.atmmarketplace.com/news/paysafe-completes-merger-of-foley-trasimene/|title=Paysafe completes merger of Foley Trasimene|website=ATM Marketplace|date=31 March 2021 |access-date=5 November 2021}}</ref>
==Company formation==
The company was formed from the combination of Netbanx and Neteller. Netbanx was founded in 1996 and Neteller 1999<ref></ref>. The company has been publicly traded on the ] since its ] (IPO) in 2004<ref></ref>. In November 2008 the company renamed itself as Neovia Financial PLC and changed its stock ticker symbol from NLR to NEO<ref></ref>.


==History==
==Products and services==
The company was formed from the combination of Neteller PLC, Netbanx Ltd and Optimal Payments Limited. Netbanx was founded in 1996,<ref name=bloomberg-profile /> Optimal Payments in 1997,<ref>{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=22397743|title=Company Overview of Optimal Payments (Ireland) Limited|website=Bloomberg L.P.|access-date=27 March 2015}}</ref> and Neteller in 1999.<ref>{{cite web|url=https://www.justice.gov/usao/nys/pressreleases/January07/netellerarrestspr.pdf|title=Neteller Arrests|website=Justice.gov|date=16 January 2007|access-date=27 March 2015}}</ref> In April 2004, Neteller PLC raised about $70 million in its ] (IPO) on the London Stock Exchange.<ref>{{cite web |url=http://www.steptoe.com/assets/attachments/2806.pdf |title=United States of America vs. Stephen Eric Lawrence |date=16 January 2007 |website=Steptoe.com |publisher=Steptoe & Johnson LLP |access-date=27 March 2015}}</ref>
The company’s products are offered via the ] (SaaS) model. It offers three major services, the Netbanx gateway, Neteller e-wallet and Net+ debit cards. Neteller in the UK is regulated across the ] by the UK government’s ] (FSA).


In November 2005, Neteller PLC acquired Netbanx Ltd.<ref>{{cite web|date=1 November 2005|title=Neteller acquires Netbanx for £12.36 million cash|url=http://www.finextra.com/news/announcement.aspx?pressreleaseid=6633|website=Finextra|access-date=27 March 2015}}</ref> In November 2008, Neteller PLC renamed itself to Neovia Financial PLC.<ref>{{cite web|date=17 November 2008|title=Neteller changes name to Neovia Financial|url=http://www.finextra.com/fullpr.asp?id=24594|website=Finextra|access-date=27 March 2015}}</ref> In February 2011, Neovia Financial PLC acquired Optimal Payments of Montreal, Canada.<ref>{{cite press release |date=2 February 2011 |title=Neovia Financial PLC - NEOVIA completes acquisition of Optimal Payments |url=https://www.reuters.com/article/2011/02/02/idUS80895+02-Feb-2011+RNS20110202 |archive-url=https://web.archive.org/web/20150402115800/http://www.reuters.com/article/2011/02/02/idUS80895+02-Feb-2011+RNS20110202 |url-status=dead |archive-date=2 April 2015 |publisher=Reuters |access-date=27 March 2015}}</ref> Next month, Neovia Financial PLC changed its name to Optimal Payments PLC.<ref>{{cite press release |date=4 March 2011 |title=Neovia Financial PLC - Confirmation of name change |url=http://in.reuters.com/article/2011/03/04/idUS59392+04-Mar-2011+RNS20110304 |archive-url=https://archive.today/20141208125028/http://in.reuters.com/article/2011/03/04/idUS59392+04-Mar-2011+RNS20110304 |url-status=dead |archive-date=8 December 2014 |publisher=Reuters |access-date=27 March 2015}}</ref> 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.<ref>{{cite book |last=Reynolds |first=Bill |date=1 October 2014 |title=John Lefebvre, Neteller and the Revolution in Online Gambling |publisher=] |page=377 |isbn=978-1770905726 }}</ref>
===NETBANX payment gateway===
Neovia’s ] service specialises in the processing of credit and debit ] (CNP) and non-card payments for European and Asia global retailers through their online stores, mail-order/telephone order and, automated (]) phone channels<ref></ref>. The service offers both direct processing and acquiring merchant services. The Netbanx service was launched in 1996<ref></ref> as the UK’s first card-not-present ] (PSP) and is used by thousands of merchants to process their payments.


In July 2014, Optimal Payment PLC expanded its United States interests by purchasing Meritus Payment Solutions, a ] based payment processing company, and Global Merchant Advisors, Inc. based in the U.S. in a deal worth over $235 Million.<ref>{{cite press release |date=2 July 2014 |title=Optimal Payments to acquire California based Meritus Payment Solutions to accelerate expansion in U.S. payments market |url=https://finance.yahoo.com/news/optimal-payments-acquire-california-based-163900455.html |location=London, Montreal, New York |publisher=] |agency=] |access-date=27 March 2015}}</ref> In March 2015, Optimal Payments PLC revealed that it would acquire rival ] group, including pre-paid voucher provider ], for a fee of around €1.1 billion.<ref>{{cite press release | publisher=Reuters| date=23 March 2015| title=Optimal Payments to buy e-wallet rival for $1.2 billion | url=https://www.reuters.com/article/us-sentineltopco-m-a-optimal-payments-idUSKBN0MJ0SR20150323|access-date=27 March 2015}}</ref> In the same year, Optimal Payments rebranded as Paysafe Group.<ref>{{cite web |url=https://www.thepaypers.com/online-payments/optimal-payments-rebrands-as-paysafe/762047-3 |title=Optimal Payments rebrands as Paysafe |author=<!-- not stated--> |date= 10 November 2015 |website=thepaypers.com |access-date=21 April 2019}}</ref>
=== NETELLER ===
Neteller is an ]/] service. Consumers in over 170 countries<ref></ref> use the Neteller service to send and receive money from their banks to and from merchants. The operation of the service is authorised and regulated by the UK government’s ] (FSA)<ref></ref>.


The company moved to the main market of the London Stock Exchange in December 2015.<ref>{{cite web|url=https://leaprate.com/2015/12/paysafe-moves-to-london-stock-exchanges-main-market-today/|title=Paysafe moves to London Stock Exchange's Main Market today|publisher=Leap Rate|date=23 December 2016|access-date=3 March 2016}}</ref> 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.<ref>{{Cite news|url=https://lcb.org/news/neteller-and-skrill-to-pull-prepaid-mastercard-from-100-countries|title=Neteller and Skrill to pull prepaid Mastercard from 100 countries|website=latestcasinobonuses.com|access-date=2016-11-27}}</ref>
Consumers can sign up for a Neteller account for free on the company’s website<ref></ref>. Accounts may be set up in any major ] including: AUD, BGN, CAD, DKK, EEK, EUR, GBP, HUF, INR, JPY, LTL, LVL, MXN, NOK, PLN, RON, RMB, SEK, USD. Money can be loaded into the account from a ], ] or via other methods including Giropay, Ideal, ], DirectPay 24 or POLi<ref></ref>. These deposit types vary by country and some are instant.


In August 2017, it was announced that Paysafe would be sold to a consortium of ] and ] for £2.96 billion,<ref>{{Cite news|url=http://www.slotsday.com/paysafe-sold-almost-3-billion-pounds/|title=Paysafe is about to be sold for almost 3 billion pounds - Slotsday|date=2017-08-05|work=Slotsday|access-date=2017-08-05|language=en-US}}</ref> making it the largest ] backed takeover of a London-listed company since the ].<ref name=hogan>{{cite web |url=https://www.hoganlovells.com/en/news/hogan-lovells-results-for-calendar-year-2017 |title=Hogan Lovells results for calendar year 2017 |author=<!-- not stated--> |date=23 February 2018 |website=hoganlovells.com |access-date=28 August 2018}}</ref> The acquisition was approved by the ] on 22 November 2017.<ref>{{cite news |date=22 November 2017 |title=Mergers: Commission clears acquisition of Paysafe by CVC and Blackstone |url=http://europa.eu/rapid/press-release_MEX-17-4847_en.htm |work=European Commission |location=Brussels |access-date=26 January 2018}}</ref> On 21 December 2017, Paysafe got delisted from the London Stock Exchange.<ref>{{cite web |url=http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/13473889.html |title=Official List - Cancellation - Paysafe Group Plc |author=<!-- not stated--> |date=21 December 2017 |publisher=] |access-date=26 January 2018}}</ref>
Money in a Neteller account can be used to pay merchants, send to other customers of the service, or spend at any retailer that accepts Mastercard using the Neteller debit card that is part of the account<ref></ref>. Money can also be received into the account directly from merchants, such as gambling winnings, insurance payouts or video-gaming trading proceeds. Customers can withdraw funds from their accounts by bank transfer, cheque, or using the company’s Net+ ] debit card at ] and ATM machines.


In April 2019, with the likelihood of the upcoming withdrawal of the ] (UK) from the ] (EU), the so-called "]", 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 (]) business to newly incorporated group companies based in ], namely Paysafe Payment Solutions Limited<ref>{{Cite web|url=http://registers.centralbank.ie/FirmDataPage.aspx?firmReferenceNumber=C184986|title=Central Bank of Ireland Financial Service Provider Profile for Paysafe Payment Solutions Limited|access-date=2021-11-05}}</ref> and Paysafe Prepaid Services Limited.<ref>{{Cite web|url=http://registers.centralbank.ie/FirmDataPage.aspx?firmReferenceNumber=C185005|title=Central Bank of Ireland Financial Service Provider Profile for Paysafe Prepaid Services Limited|access-date=2021-11-05}}</ref> Each company is authorized and regulated as an electronic money institution by the ], the ].<ref>{{Cite web|url=https://www.ewallet-optimizer.com/paysafe-brexit/|title=eWallet-Optimizer • Paysafe Brexit Plans|date=2019-04-02|website=eWallet-Optimizer|language=en-US|access-date=2019-04-02}}</ref>
Arguably money held in the service is safer than in banks because the service is not susceptible to the ] issues that impacted most major banks during the ]. This is because, unlike banks, the company maintains over 100% of deposited funds in separate trust accounts, separate from its operating cash, i.e. all of the customers cash is on hand and available if they all wanted it at the same time <ref></ref>.


In July 2020, it was announced that Paysafe bought payment gateway ] for an undisclosed amount of money. It was announced that the Openbucks team would become part of the parent company's eCash solutions group.<ref>{{cite web |title=Paysafe Group acquires Openbucks |url=https://www.mobilepaymentstoday.com/news/paysafe-group-acquires-openbucks/ |website=www.mobilepaymentstoday.com |language=en |date=28 July 2020}}</ref><ref>{{cite web |url=https://www.digitaltransactions.net/paysafe-to-buy-openbucks-and-other-digital-transactions-news-briefs-from-7-27-20/|title=Paysafe To Buy Openbucks and other Digital Transactions|publisher=Digital Transactions}}</ref><ref>{{cite web |url=https://www.financemagnates.com/fintech/payments/paysafe-card-added-as-a-payment-option-in-microsoft-store/|title=Paysafe card added as a payment option in Microsoft store|date=23 December 2020 |publisher=Finance Magnates}}</ref>
===Net+ cards===
In 2003 the company launched the Neteller Card<ref></ref>. In 2007 it replaced these cards with ] ] and re-branded the card product line as Net+ in 2008<ref></ref>. Under the Net+ name the company offers both plastic and virtual Mastercard prepaid debit cards, and merchant-brandable card programs<ref></ref>. The Net+ virtual card helps prevent ] as each card number is only used once. This means if a merchant’s site is ] the consumer’s identity and money is protected as the card number can’t be used again.


In December 2020, the company announced that it had entered into a definitive agreement to merge with ], Foley Trasimene Acquisition Corp, in a US$9 billion transaction.<ref>{{Cite web|url=https://www.bloomberg.com/news/articles/2020-12-06/paysafe-said-to-near-9-billion-deal-to-go-public-via-foley-spac|title=Paysafe Is Near a $9 Billion Deal to Go Public|date=2020-12-07|website=]|language=en-US|access-date=2020-12-14}}</ref>
Neovia’s Net+ card won the best new prepaid card at Cards & Payments Europe 2009, beating cards from both ] and ]<ref></ref>.


In April 2022, Paysafe announced a new partnership with US-based auto finance company Exeter Finance, allowing for eCash payments for US auto loans.<ref>{{cite journal|date=28 April 2022|url=https://www.businesswire.com/news/home/20220428005140/en/Paysafe-Enables-eCash-Payments-for-US-Auto-Loans-With-Exeter-Finance|title=Paysafe Enables eCash Payments for US Auto Loans With Exeter Finance|journal=Businesswire|access-date=28 April 2022}}</ref>
==Use of Social Media==
Neovia has shown a good history as one of the first users in the payments space of social media for communication. For consumer communication it has used ] since 2006 to post short-lifetime updates, product information, promotions and news targeted to its customers<ref></ref>. It also publishes via a frequently updated ]<ref></ref> on its website along with a ] feed<ref></ref> and Facebook group<ref></ref>.


That same month, the company also announced Bruce Lowthers would replace Philip McHugh as CEO and executive director from May 1, 2022.<ref>{{cite journal|date=7 April 2022|url=https://www.businesswire.com/news/home/20220407005807/en/Paysafe-Announces-New-CEO|title=Paysafe Announces New CEO|journal=Businesswire|access-date=9 May 2022}}</ref>
For its business customers and investors it uses an ] feed<ref></ref> and a business focused Twitter feed<ref></ref>.


==Products and services==
All of the company’s websites also make extensive use of the ShareThis<ref></ref> button to allow visitors to share and post content to over 30 social networking and media sites, including ], ], ], ], and ].
The company provides the following products and services:
* ] is an ]/] service that allows consumers to add, withdraw and transfer funds to and from merchants and other people.<ref>{{cite web|title=Accept NETELLER in your Ecommerce Shop|url=https://www.about-payments.com/knowledge-base/method/neteller|website=About Payments|access-date=28 March 2015}}</ref> Net+ prepaid payment card available in eight currencies is mainly intended to be used with Neteller and is accepted as normal ] payment card.<ref>{{cite web |url=http://www.prepaid365.com/prepaid-reviews/neteller-netplus-prepaid-card-review/ |title=Net+ Prepaid Card Review |website=Prepaid365 |date=November 2010 |access-date=28 March 2015}}</ref>
* ] is a product that allows payments and money transfers to be made through the Internet, with a focus on low-cost international money transfers.<ref>{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=118905485|title=Skrill Holdings Limited: Private Company Information|website=] |access-date=26 March 2015}}</ref>
* ] and Paysafecash are payment methods that allow customers to make payments online without the use of a bank account or credit card information.<ref>{{cite web|url=https://www.mollie.com/en/payments/paysafecard|title=Paysafecard|publisher=Mollie|access-date=31 December 2017}}</ref><ref>{{cite web|url=https://www.finextra.com/pressarticle/74146/paysafe-launches-paysafecash|title=Paysafecard launches Paysafecash|date=4 June 2018 |publisher=Finextra|access-date=5 November 2021}}</ref>
* SafetyPay, an open banking and eCash platform based in Latin America.<ref>{{Cite web |date=2022-01-31 |title=Paysafe closes SafetyPay acquisition |url=https://www.finextra.com/pressarticle/91248/paysafe-closes-safetypay-acquisition |access-date=2023-05-23 |website=Finextra Research |language=en}}</ref>
* PagoEfectivo, a Peruvian-based alternative payments (APM) platform.<ref>{{Cite web |title=Paysafe finalises PagoEfectivo acquisition |url=https://thepaypers.com/online-payments/paysafe-finalises-pagoefectivo-acquisition--1251337 |access-date=2023-05-23 |website=thepaypers.com |language=en}}</ref>
* viacash which enables consumers to make deposits or withdraw cash from their digital bank accounts at a nearby retail store using a barcode.<ref>{{Cite web |last=O'Boyle |first=Daniel |date=2021-11-01 |title=Paysafe completes acquisition of Germany's Viafintech |url=https://igamingbusiness.com/tech-innovation/payments/paysafe-completes-acquisition-of-germanys-viafintech/ |access-date=2023-05-23 |website=iGB |language=en-US}}</ref>
* Income Access is an affiliate marketing and business intelligence provider.<ref>{{cite web|url=https://incomeaccess.com/|title=About us|publisher=IncomeAccess|access-date=31 December 2017}}</ref>


==Sponsorship==
==U.S. Internet gambling prohibition==
Optimal Payments was the official sponsor of ] for the 2014/15 and 2015/16 seasons, with the front of the team's shirts displaying Neteller's logo.<ref>{{cite web|url=https://www.cpfc.co.uk/news/2014/july/optimal-payments-becomes-official-shirt-sponsor/|title=Optimal Payments Becomes Official Shirt Sponsor|website=Crystal Palace F.C. Official Website|date=7 July 2014|access-date=31 March 2015}}</ref>
As Internet use expanded during the 2000s, the United States government sought to prohibit ] by its citizens. As part of this prohibition the U.S. Department of Justice reached agreements with several companies<ref></ref> that it believed had provided advertising and payment services to offshore gambling companies including ], ], ], ]<ref></ref> and Neteller (now part of Neovia Financial). Neteller ceased offering these services to U.S. residents and had the complaint against it by the U.S. Department of Justice dismissed in the summer of 2009<ref></ref>.


In February 2018 it was announced that Paysafe would sponsor the No. 19 ] ], shared by ] and ], in the ].<ref>{{cite web |url=https://www.motorsport.com/indycar/news/de-melo-confirmed-at-coyne-with-paysafe-sponsorship-1002966/ |title=De Melo confirmed at Coyne with Paysafe sponsorship |last=Malsher |first=David |publisher=Motorsport.com |date=2018-02-07 |access-date=2018-02-18 }}</ref>
==Notes==

<references/>
==References==
{{Reflist|30em}}


==External links== ==External links==
{{Finance links
*
| name = Paysafe Limited
*
| symbol = PSFE
*
| reuters = PSFE.N
*
| bloomberg = PSFE:US
| sec_cik = 1833835
| yahoo = PSFE
| google = PSFE:NYSE
}}

{{Payment service providers}}


{{Authority control}}
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Latest revision as of 12:47, 29 October 2024

Online payments company For the namesake prepaid payment method, see paysafecard.

Paysafe Limited
Company typePublic company
Traded as
ISINBMG6964L1072
IndustryOnline payments
Founded1996; 29 years ago (1996)
HeadquartersLondon, England
Key peopleDan Henson
(Chairman)

Bruce Lowthers
(CEO)

Alex Gersh
(CFO)
ProductsElectronic money
Digital wallet
RevenueIncrease US$1.496 billion (Fiscal Year Ended 31 December 2022)
Operating incomeDecrease US–$1.872 billion (Fiscal Year Ended 31 December 2022)
Net incomeDecrease US$–1.862 billion (Fiscal Year Ended 31 December 2022)
Total assetsDecrease US$5.957 billion (Fiscal Year Ended 31 December 2022)
Total equityDecrease US$0.859 billion (Fiscal Year Ended 31 December 2022)
Subsidiaries
WebsitePaysafe Limited

Paysafe Limited (formerly known as Optimal Payments PLC) is a multinational online payments company. Paysafe offers payment processing, digital wallet and online cash systems to businesses and consumers, with particular experience of serving the global entertainment sectors. 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, SafetyPay, PagoEfectivo, Paysafecash and paysafecard.

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, Financial Conduct Authority and the Central Bank of Ireland. 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. 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.

History

The company was formed from the combination of Neteller PLC, Netbanx Ltd and Optimal Payments Limited. Netbanx was founded in 1996, Optimal Payments in 1997, and Neteller in 1999. In April 2004, Neteller PLC raised about $70 million in its initial public offering (IPO) on the London Stock Exchange.

In November 2005, Neteller PLC acquired Netbanx Ltd. In November 2008, Neteller PLC renamed itself to Neovia Financial PLC. In February 2011, Neovia Financial PLC acquired Optimal Payments of Montreal, Canada. Next month, Neovia Financial PLC changed its name to Optimal Payments PLC. 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.

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. 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. In the same year, Optimal Payments rebranded as Paysafe Group.

The company moved to the main market of the London Stock Exchange in December 2015. 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.

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, making it the largest private equity backed takeover of a London-listed company since the financial crisis of 2007–2008. The acquisition was approved by the European Commission on 22 November 2017. On 21 December 2017, Paysafe got delisted from the London Stock Exchange.

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 users 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 and Paysafe Prepaid Services Limited. Each company is authorized and regulated as an electronic money institution by the Irish financial services regulator, the Central Bank of Ireland.

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.

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.

In April 2022, Paysafe announced a new partnership with US-based auto finance company Exeter Finance, allowing for eCash payments for US auto loans.

That same month, the company also announced Bruce Lowthers would replace Philip McHugh as CEO and executive director from May 1, 2022.

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. Net+ prepaid payment card available in eight currencies is mainly intended to be used with Neteller and is accepted as normal MasterCard payment card.
  • 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.
  • paysafecard and Paysafecash are payment methods that allow customers to make payments online without the use of a bank account or credit card information.
  • SafetyPay, an open banking and eCash platform based in Latin America.
  • PagoEfectivo, a Peruvian-based alternative payments (APM) platform.
  • viacash which enables consumers to make deposits or withdraw cash from their digital bank accounts at a nearby retail store using a barcode.
  • Income Access is an affiliate marketing and business intelligence provider.

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.

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.

References

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  4. "Bruce F Lowthers profile". Bloomberg. Retrieved 9 May 2022.
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  6. "Alex Gersh is Named Paysafe's Newest Chief Financial Officer". Yahoo! Finance. 30 August 2022.
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  10. ^ "Hogan Lovells results for calendar year 2017". hoganlovells.com. 23 February 2018. Retrieved 28 August 2018.
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  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.
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  32. "Paysafe Group acquires Openbucks". www.mobilepaymentstoday.com. 28 July 2020.
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  34. "Paysafe card added as a payment option in Microsoft store". Finance Magnates. 23 December 2020.
  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.
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  39. "Net+ Prepaid Card Review". Prepaid365. November 2010. Retrieved 28 March 2015.
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  41. "Paysafecard". Mollie. Retrieved 31 December 2017.
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  43. "Paysafe closes SafetyPay acquisition". Finextra Research. 31 January 2022. Retrieved 23 May 2023.
  44. "Paysafe finalises PagoEfectivo acquisition". thepaypers.com. Retrieved 23 May 2023.
  45. O'Boyle, Daniel (1 November 2021). "Paysafe completes acquisition of Germany's Viafintech". iGB. Retrieved 23 May 2023.
  46. "About us". IncomeAccess. Retrieved 31 December 2017.
  47. "Optimal Payments Becomes Official Shirt Sponsor". Crystal Palace F.C. Official Website. 7 July 2014. Retrieved 31 March 2015.
  48. Malsher, David (7 February 2018). "De Melo confirmed at Coyne with Paysafe sponsorship". Motorsport.com. Retrieved 18 February 2018.

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