Financial powerhouse Paysafe has finalized the purchase of German payment provider Viafintech, recognized for its Viacash brand.

The agreement, unveiled in August, was for an undisclosed sum. Paysafe stated at the time that the agreement would expand its growth possibilities in Germany and create cross-selling opportunities for Viafintech in other areas.

Viafintech operates through a network of 20,000 points of sale with over 20 retail partners. Its technology enables customers to withdraw cash from their online bank accounts at retail stores using barcodes and provides payments for various industries, including gaming.

With the deal finalized, Viafintech’s Managing Directors Sebastian Seifert, Achim Bönsch, and Andreas Veller will join Paysafe’s eCash Solutions team, headed by Udo Müller.

Seifert stated, “Joining the Paysafe Group will assist us in solidifying our business achievements to date and accelerating our future expansion as Europe’s leading non-bank cash deposit and withdrawal infrastructure. We are thrilled to embark on this new chapter and redouble our efforts to strengthen financial inclusion and transition from traditional banking.”

Müller said Viafintech will integrate seamlessly with Paysafe’s existing eCash business.

This takeover is incredibly thrilling for Paysafe, he stated. By combining Viafintech’s top-tier payment solutions with their own digital cash and alternative payment choices, they’ve established themselves as a leading payment collaborator for worldwide challenger banks.

This arrives at a critical juncture as they observe a pattern of individuals abandoning conventional banking, with an increasing number of challenger banks emerging, providing mobile-based banking and payment services.

The Viafintech agreement is merely one of numerous acquisitions Paysafe has declared this year. They also purchased SafetyPay, an online commerce payment provider, in a cash transaction. SafetyPay manages online commerce transactions in eleven Latin American nations using open banking and digital cash solutions.

Prior to that, they also consented to buy PagoEfectivo, a Peruvian alternative payment platform, a deal scheduled to conclude this month.

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