Skrill Group, an online payments company, has announced the completion of the acquisition of a controlling stake in its business by CVC Capital Partners from a group of investors led by Investcorp, which still remains as a shareholder.
Skrill is a provider of digital wallet technology, their customers can make mobile and online payments without revealing personal financial data. It also provides a safe way to send and receive money online.
Commenting on the completion of the acquisition, Peter Rutland, senior managing director of CVC Capital Partners says, “Skrill has continued to impress CVC with its growth and strategy to respond to the opportunities from the increase in digital transactions. The company has demonstrated its ability to meet and influence the emerging needs of customers and merchants, and has shown both insight and innovation in order to adapt to trends such as mobile payments, which are shaping the future of transactions.”
Siegfried Heimgaertner, chief executive officer of Skrill Group, adds, “We are delighted to have reached this milestone in Skrill’s history. The support of CVC demonstrates confidence in Skrill’s strategy and will enable us to remain at the forefront of transforming the way people pay and get paid globally. Skrill will continue to develop products that break down international boundaries between businesses and their customers by enabling transactions in an ever-extending digital world.”
Whitepapers
Related reading
The payments industry’s most significant acquisitions of 2017
Our round-up of 2017's deals that will have the biggest impact on the payments ecosystem.
“The markets will remain healthy and conducive to fintech companies”: Tony Seto, Freeman & Co. ED Pt.2
In part two of the interview, Tony Seto discusses the main trends in the fintech market and why mobile payments will continue to garner a lot of attention in the US.
CMA accepts Mastercard’s proposal to address competition concerns following the acquisition of VocaLink
The deal, which was first announced in July 2016, should now be concluded quickly.
PayPal to acquire TIO Networks for $233 million
PayPal CEO Dan Schulman is attempting to make good on his promise to better serve the unbanked.