Paysafe Group completes acquisition of iPayment

KUALA LUMPUR: Paysafe Group completed the acquisition of iPayment Holdings Inc (iPayment) which was signed on April 12, this year.

Paysafe, a leading global payments provider in a statement said combined with the company’s acquisition of MCPS last year, has established Paysafe as a top five of non-bank, payment processors in the US. Paysafe Group CEO, Joel Leonoff said he was excited that the product suite which Paysafe will be able to deliver at scale to the marketplace will be unrivalled.

Leonoff added that the acquisition also allows Paysafe and iPayment to cross-sell more products such as POS solutions, digital wallets, pay later and prepaid solutions to a significantly expanded customer base.

iPayment, a US-based provider of payment processing solutions has generated processing volumes of over US$25 billion (RM97.75 billion) in 2017 from more than 137,000 merchant customers across the country.

The integration process of combining iPayment with Paysafe’s North America payment processing organization will commence now. Chief executive officer (CEO) of Paysafe in North America, Todd Linden will run the expanded organization and iPayment’s former CEO, O.B. Rawls IV, along with iPayment chief financial officer, Robert Purcell have both accepted new leadership roles within Paysafe. — Bernama