Optimal Payments Inks Acquisition of Skrill Group in Deal Worth $1.2B

Optimal Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term has completed its acquisition of the Skrill Group in a deal worth approximately $1.2 billion (€1.1 billion), according to a Skrill statement.

Skrill Group is a provider of online payment and e-money solutions, boasting one of the deepest market penetrations in Europe, amongst prepaid online voucher providers. The new acquisition will help cement Optimal Payments as a comprehensive provider of payment solutions that now includes Skrill, paysafecard, Payolution, and NETELLER.

The deal was originally announced earlier this year, when Optimal Payments expressed an interest to acquire Skrill.

Despite the acquisition, Optimal Payments CEO, Joel Leonoff is slated to remain in his role – alternatively, Skrill Group’s CEO, David Sear is stepping down today, snapping an tenure with the group after guiding the company through its acquisition of Ukash and sale to Optimal Payments.

According to Mr. Leonoff, President, in a recent statement on the acquisition, “The acquisition of the Skrill Group creates a global Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term champion in the fast growing digital payments space that is of sufficient scale for us to now seek a main market listing and FTSE250 inclusion as soon as possible. I must recognise and congratulate David and his team on the Skrill Group’s success to date, and for helping to establish a platform on which we are confident of driving growth in the future.”

“The combination of Skrill and Optimal Payments creates a multi-billion dollar fintech company and a powerful force in the world of payments. This is a great deal for the shareholders of both businesses and will significantly strengthen the value we provide to our customers. I have every confidence the business will become a major player in global online payments moving forward and wish the new leadership team the greatest of success as they steer the combined group into this exciting next phase of growth,” added Mr. Sear in an accompanying statement.

The announcement comes just one week after Optimal Payments' Stephen Shaper, its non-executive Director, decided to relinquish his board role and step down with immediate effect,