Skrill Acquires paysafecard for $177 Million
July 2, 2012
paysafecard.com, an alternative payment provider that enables consumers to pay for Internet purchases with cash, was acquired late last week for $177 million by Skrill, a U.K. digital wallet provider. Skrill, formerly known as Moneybookers, is a portfolio company of Bahrain-based investment firm Investcorp.
paysafecard sells prepaid vouchers that carry a unique code consumers enter during checkout at Web merchants that accept the payment method. The vouchers are available at 450,000 retail locations in 31 countries.
“We are very happy to have come to an agreement to acquire paysafecard. This acquisition will add significant scale to the Skrill Group in terms of payment volume, customers and merchants and will increase our overall market share.” said Skrill CEO, Siegfried Heimgaertner. “The combined entity will offer a unique proposition in the payments market combining our leading digital wallet with the sophisticated POS and cash network of paysafecard. It enhances our product portfolio significantly, offering payment and money transfer options for both on and off-line channels.”