Paysafe

Paysafe Limited

Company type	Private (previously public)
Industry	Online payment solutions, financial services
Predecessor	Neteller PLC, Netbanx Ltd, Optimal Payments Limited
Founded	1996
Fate	Acquired by consortium of The Blackstone Group and CVC Capital Partners in December 2017; merged with Foley Trasimene Acquisition Corp II in 2021 (returned to public trading)
Headquarters	United Kingdom , Bermuda (legal domicile)
Area served	Worldwide
Key people	Bruce Lowthers (CEO and executive director since May 1, 2022)
Products	Payment processing, digital wallets (Neteller, Skrill), electronic cash services, paysafecard, SafetyPay, PagoEfectivo, Paysafecash, viacash, Income Access
Owner	The Blackstone Group and CVC Capital Partners (consortium)
Website	www.paysafe.com

Paysafe Limited (previously known as Optimal Payments PLC) is a global enterprise focused on online payment solutions, including payment processing, digital wallets, and electronic cash services, predominantly catering to the worldwide entertainment industry. The company conducts business under the Paysafe brand alongside its subsidiaries acquired through mergers, such as Neteller, Skrill, SafetyPay, PagoEfectivo, Paysafecash, and paysafecard.

Headquartered in the United Kingdom with its legal domicile in Bermuda, Paysafe is authorized by regulatory bodies including the U.S. Securities and Exchange Commission, Financial Conduct Authority, and Central Bank of Ireland. It was formerly listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until being acquired by a consortium comprising The Blackstone Group and CVC Capital Partners in December 2017. Paysafe returned to public trading through a merger with the special purpose acquisition company Foley Trasimene Acquisition Corp II, debuting on the New York Stock Exchange on March 31, 2021 under the ticker PSFE.

History

Paysafe’s origins trace back to the consolidation of Neteller PLC, Netbanx Ltd, and Optimal Payments Limited. Founded in 1996, Netbanx was soon followed by Optimal Payments in 1997 and Neteller in 1999. Neteller PLC went public in April 2004 via an initial public offering (IPO) on the London Stock Exchange, raising approximately $70 million.

In November 2005, Neteller PLC expanded by acquiring Netbanx Ltd. Three years later, in November 2008, it underwent a rebranding to become Neovia Financial PLC. The company further grew in February 2011 when Neovia purchased Montreal-based Optimal Payments and subsequently adopted the name Optimal Payments PLC in March. Early 2012 revealed this transaction was effectively a reverse takeover, resulting in notable changes to the management team.

Optimal Payments broadened its footprint in the United States in July 2014 through acquisitions of Meritus Payment Solutions and Global Merchant Advisors from California for over $235 million. In March 2015, it announced a €1.1 billion acquisition of competitor Skrill Group, which included the prepaid voucher provider paysafecard. Later that year, Optimal Payments rebranded itself as Paysafe Group.

In December 2015, Paysafe transitioned to the main market of the London Stock Exchange. On November 25, 2016, it limited usage of the Net+ Prepaid MasterCard to countries within the Single Euro Payments Area (SEPA), restricting cash withdrawal capabilities for cardholders residing in more than 100 countries.

August 2017 marked Paysafe’s sale to a consortium led by The Blackstone Group and CVC Capital Partners for £2.96 billion—the largest private equity buyout of a London-listed firm since the financial crisis of 2008. The European Commission granted approval for this transaction in November 2017, with Paysafe subsequently delisted from the London Stock Exchange in December.

In preparation for Brexit-related regulatory changes, Paysafe relocated its European Economic Area operations to Irish subsidiaries regulated by the Central Bank of Ireland.

In July 2020, Paysafe enhanced its eCash offerings by acquiring payment gateway Openbucks and integrating its personnel into its eCash solutions division.

December 2020 saw Paysafe enter into a definitive agreement to merge with special-purpose acquisition company Foley Trasimene Acquisition Corp in a deal valued at US$9 billion.

In April 2022, Paysafe collaborated with U.S.-based Exeter Finance to facilitate eCash payments for automobile loans. That same month, Bruce Lowthers was appointed CEO and executive director, succeeding Philip McHugh effective May 1, 2022.

Products and services

The corporation provides a range of offerings, including:

• Neteller, a digital wallet solution that allows users to deposit, withdraw, and transfer money to individuals and merchants. The Net+ prepaid card, which supports eight different currencies, is mainly utilized with Neteller and functions as a standard MasterCard payment card.
• Skrill, which supports online payment processing and affordable international money remittances.
• paysafecard and Paysafecash, both of which enable online transactions without the need for bank accounts or credit card details.
• SafetyPay, an open banking and electronic cash platform tailored for the Latin American market.
• PagoEfectivo, a platform offering alternative payment methods (APMs) in Peru.
• viacash, a service that permits users to deposit or withdraw physical cash from their digital bank accounts at local retail outlets by scanning a barcode.
• Income Access, which delivers affiliate marketing services alongside business intelligence tools.

Sponsorship

During the 2014/15 and 2015/16 football seasons, Optimal Payments served as the main sponsor for Crystal Palace Football Club, with Neteller's branding prominently displayed on the team’s jerseys.

In February 2018, Paysafe took on sponsorship of the No. 19 Dale Coyne Racing Honda car, piloted by Zachary Claman DeMelo and Pietro Fittipaldi, competing in the 2018 Verizon IndyCar Series.