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{{Short description|Online payments company}}
{{current}}
{{for|the namesake prepaid payment method|paysafecard}}
{{Use dmy dates|date=April 2022}}
{{Infobox company
| name = Paysafe Limited
| logo = Paysafe Logo.svg
| type = ]
| traded_as = {{ubl|{{NYSE|PSFE}}|] component}}
| ISIN = BMG6964L1072
| industry = ]
| 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>
| location = ], England
| 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 />
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 ].
{{Infobox_Company | <!-- http://www.hoovers.com/neteller/--ID__133478--/free-co-factsheet.xhtml -->
company_name = NETELLER|
company_logo = ]|
company_type = ]|
foundation = ]|
location = Douglas, ]|
key_people = Stephen Lawrence, ] <br /> John LeFebvre, ] <br /> Ron Martin, ] & ]|
industry = ]|
products = ]|
revenue = {{profit}}$172.1 Million ] (])|
net_income ={{profit}}$91.5 Million ] (])|
num_employees = 800 (2006)|
'''NETELLER''' ({{LONDON AIM|NETELLER}})|
homepage = |}}


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>
'''Neteller''' is an ] service owned and operated by British company the Neteller PLC Group. The company was founded in 1999 and has corporate headquarters located on the ]. Customers can use their Neteller accounts to transfer funds online and deposit from or withdraw into banks around the world. Language support is offered in thirty languages around the clock. Dealing primarily with ] sites, the online payment processor was relatively small until ] stopped accepting gambling-related transactions in 2002.<ref name="paypal>{{cite web |url=http://www.wired.com/news/business/0,1367,53703,00.html |title=EBay Says No to PayPal Gambling
|accessdate=2007-01-19 |author=Joanna Glasner |date= 2002-07-09 |work=] |publisher=]}}</ref>


==History==
==Company description==
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>
Neteller is a publicly traded company on the ] ] with a symbol of NLR. Its ] was in April 2004. By the end of 2005 its stock price had increased approximately 300%. The company is also regulated 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>
Revenue for the third quarter of 2005 more than doubled to US$45million compared to a year earlier, while pre-tax profits increased from $13million to $26million. Neteller's market cap at the end of 2005 was over US$1.5billion.<ref></ref>


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>
==E-wallet service==
The Neteller product is an e-wallet, similar to paypal, but focused on gambling merchants. The company makes no mention of gambling on its homepage , but in practice nearly all of its merchants are in the online gambling business, and thus it is a gambling e-wallet.


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>
The company is regulated by the United Kingdom ] .


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>
===Fees and services===
According to Neteller's April 2004 AIM placement prospectus, 60% of its income is derived from merchant fees . Of this income, up to 97% comes from 'transfer to' fees charged at a rate of up to 7% of the value charged to the merchant. The remaining 3% of the merchant income comes from 'transfer from' fees, for payments back to the customer, which are charged at up to 2.5% of the value, but often much less.


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>
For users depositing by bank transfer, no fees are charged. Credit card users are charged 3.9%. The company offers an Instacash service, charged at 8.9%, which debits money instantly from the user's bank account. Currently this service is only available in Canada and Australia, following the US action against Neteller (below). Users can use the instacash service to deposit to many online merchants. The merchants are charged negotiated fees that are less than the rates consumers pay. Many gaming sites choose to absorb the instacash cost for payments to their own sites, and thus, the cost is frequently not charged to the end user.


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>
Neteller users can open their account in Candian Dollars, Euros, US Dollars, or Pounds Sterling . When making or receiving a payment that is not in the currency of the user's account, a rate 1.9% worse than wholesale rates.


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>
Users can make peer-to-peer transfers to other Neteller users. These are charged at 1.9% of the value transferred, with no maximum. Currency charges will also be levied where the accounts are not in the same currency. US users are currently restricted from making peer-to-peer transfers due to the legal action described below.


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>
Neteller offers an ATM card. As the Neteller wallet is not a bank account, the card cannot be used to withdraw money directly from the neteller account - instead money must be first transferred to the ATM card online . The account is denominated in USD or CAD, even if the user's account is in another currency, and so users without a USD or CAD Neteller account will pay the 1.9% currency charge when loading the card. A further charge is levied if the ATM used is not dispensing US$. Accordingly, the neteller card works out expensive for non-US and Canadian users. For US users, a $2 loading charge is levied, plus $1.50 for a withdrawal. Charges are made for declined transactions, balance inquiries, as well as for POS sales. Following the US action against Neteller, US users can no longer use the card .


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>
Withdrawals are also available by simple bank transfer or cheque. Fees levied are typically about £2 flat for any size of withdrawal.


==Products and services==
==U.S. crackdown on Internet gambling==
The company provides the following products and services:
Neteller acquired its 2,500,000th customer in the first quarter of 2006. However, recent action by the ] and the ] have created upheaval in the Internet Gambling industry.
* ] 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==
===Unlawful Internet Gambling Enforcement Act===
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>
The passage of the ''Unlawful Internet Gambling Enforcement Act'' as a rider on the ] by the United States Congress has impacted the company. After passage of the Act, Neteller's stock fell by 60 percent.<ref></ref> Neteller warned that the passing of the law "may have a material adverse effect on Neteller's US facing business."<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>
When the regulations are written, the Act prohibits "financial transaction providers" from transfering funds to online gambling sites. Neteller could be prohibited from allowing customers to send money from their online Neteller accounts to gambling sites as a result of this legislation.<ref></ref>


==References==
Although the company itself operates under British laws, Neteller issued policy changes on ] ] that prevent US clients from transferring funds to and from online gambling websites. US customers cannot make peer-to-peer transfers, cannot use their ATM card, and creation of new accounts for US customers is disabled. In addition, withdrawals by US customers by any other means, such as cheque, or bank transfer, are indefinitely delayed <ref></ref>. Non-US customers are only affected if they have US$ bank accounts, which Neteller is currently unable to transact with.
{{Reflist|30em}}


==External links==
===Arrest of founders and closure of gaming business for US customers===
{{Finance links
In January 2007, two of the company's founders and current shareholders were arrested separately in the United States.<ref></ref> ] and ] were detained by U.S. authorities on ]. Both were former directors of the company but at the time of their arrest had no connection with the company besides being shareholders, each with about a 5% stake in the company. Subsequent to the arrests, the company's shares sought a temporary suspension of share trading, effective as of ] ], on the London AIM stock exchange until the full ramifications of the arrests could be properly assessed.
| name = Paysafe Limited
| symbol = PSFE
| reuters = PSFE.N
| bloomberg = PSFE:US
| sec_cik = 1833835
| yahoo = PSFE
| google = PSFE:NYSE
}}


{{Payment service providers}}
Following this, the company took the decision to end all transfers to and from gambling sites for all US companies. Customers who had deposited money by neteller to an online casino or sportsbook would be required to seek an alternative means of payment for any cashout.


{{Authority control}}
As of ] ], the company's shares remain suspended.

On February 8th 2007, the company confirmed rumours that funds had been seized as evidence and impounded by banks in transit, following the arrests. The group has indicated that the amount of money affected does not exceed $55 million.

==Notes==
<references/>

==See also==
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==External links==
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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; 28 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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  3. "Paysafe Stock Rises as New CEO Lowthers Is Appointed". Barrons. 8 April 2022. Retrieved 9 May 2022.
  4. "Bruce F Lowthers profile". Bloomberg. Retrieved 9 May 2022.
  5. "Paysafe hires Alex Gersh from Sportradar as its new CFO". Gambling Insider. 30 August 2022. Retrieved 3 October 2022.
  6. "Alex Gersh is Named Paysafe's Newest Chief Financial Officer". Yahoo! Finance. 30 August 2022.
  7. ^ "PaySafe Group Limited 2022 Annual Report" (PDF). paysafe.com. 15 March 2023. Retrieved 19 June 2023.
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  27. "Mergers: Commission clears acquisition of Paysafe by CVC and Blackstone". European Commission. Brussels. 22 November 2017. Retrieved 26 January 2018.
  28. "Official List - Cancellation - Paysafe Group Plc". London Stock Exchange. 21 December 2017. Retrieved 26 January 2018.
  29. "Central Bank of Ireland Financial Service Provider Profile for Paysafe Payment Solutions Limited". Retrieved 5 November 2021.
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  31. "eWallet-Optimizer • Paysafe Brexit Plans". eWallet-Optimizer. 2 April 2019. Retrieved 2 April 2019.
  32. "Paysafe Group acquires Openbucks". www.mobilepaymentstoday.com. 28 July 2020.
  33. "Paysafe To Buy Openbucks and other Digital Transactions". Digital Transactions.
  34. "Paysafe card added as a payment option in Microsoft store". Finance Magnates. 23 December 2020.
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  36. "Paysafe Enables eCash Payments for US Auto Loans With Exeter Finance". Businesswire. 28 April 2022. Retrieved 28 April 2022.
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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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