Paysafe set for iPayment acquisition
Written by Chris Lemmon
Global payments provider Paysafe has reached an agreement to acquire iPayment – a US-based provider of payment and processing solutions for small and medium-sized enterprises (SMEs).
The acquisition forms part of Paysafe’s investment strategy to expand its presence in North America in response to significant growth opportunities, particularly in the fast-growing SME sector.
This latest US-based investment builds on Paysafe’s acquisition last August of SME payments provider Merchant Choice Payment Solutions, as well as its sponsorship of North America’s IndyCar series, and will establish Paysafe as a top five non-bank payment processor in the US.
iPayment currently has more than 137,000 merchant customers, processing more than $28 billion in payments in 2017. The company operates both direct and indirect sales channels and is a provider for hundreds of agents, sub-ISOs and software developers specialising in the SME sector.
The integration of iPayment with Paysafe will bring merchants, partners, consumers and platforms more product choice via an integrated payments platform which includes point of sale solutions and order ahead purchases and payments.
Joel Leonoff, Paysafe’s president and chief executive, commented: “iPayment is an excellent strategic fit with Paysafe in terms of its comprehensive product offering, customer-centric focus and overall strategic vision. By bringing our two organisations together, we will be able to further strengthen our wide-ranging payments processing suite and expose it to a broader audience of merchants and consumers.”
The acquisition is expected to complete in the second quarter of 2018, pending final regulatory approvals.