Partner Article

Skrill Group extends paysafecard with acquisition of Ukash

London, 27 November 2014: Skrill Group today announces that it has signed an agreement to acquire Ukash[ii]. On completion, this acquisition will add scale and reach to Skrill Group’s rapidly growing paysafecard, one of Europe’s most popular, proven and secure prepaid payment solutions for purchasing online, making the company a global force in secure online payment.

Since its launch in 2000, paysafecard has provided a way for consumers to get cash online and is widely accepted across a number of online industries including online games, social media channels and entertainment sites. It is available via a network of more than 450,000 distribution outlets across 39 countries. It became part of Skrill Group in 2013. Online prepayment allows consumers to pay quickly, simply and safely, as if using cash, for digital goods and services. In combination, paysafecard and Ukash will enable Skrill Group to expand digital payments across both established and emerging markets.

David Sear, who will become CEO of Skrill Group in January, comments, “The acquisition of Ukash will significantly extend our reach in the high-growth prepayment market. We are proud to support both consumers and online businesses with the world’s largest online cash replacement payment method and look forward to serving a combined base of millions of consumers around the world”.

Udo Müller, CEO of paysafecard, adds, “The acquisition of Ukash will bring together two prepaid technologies with strong synergies, enabling even more customers to pay online as safely and easily as with cash. Ukash increases paysafecard’s global presence and will open up new opportunities for online businesses.”

David Hunter, CEO of Ukash, concludes, “By becoming part of Skrill Group, Ukash will come together with paysafecard to deliver payment innovation and give customers choice and confidence when engaging in the digital world.”

The completion of the transaction is subject to regulatory approvals. The financial terms of the acquisition are not being disclosed.

[ii] Ukash is a trading name of Smart Voucher Limited, authorised and regulated by the Financial Conduct Authority in the United Kingdom as an electronic money institution.

About Skrill Group

Skrill Group is a leading provider of online payment technologies to merchants and consumers across the globe, operating in more than 200 countries with 100 payment options and 39 currencies. Consisting of Skrill, paysafecard and payolution, Skrill Group processes more than 149 million online transactions annually, with a combined value of nearly €13 billion. Skrill Group is private equity backed, with the controlling stake in its business held by CVC Capital Partners. It is headquartered in London and has more than 700 employees worldwide.

For more information, please visit www.skrill.com

This was posted in Bdaily's Members' News section by Skrill .