Paysafe has announced the completion of the iPayments acquisition. And combined with Paysafe’s previous acquisition of Merchants’ Choice Payment Solutions last year for $470 million, the company now ranks among the top 5 non-bank payment processors in the U.S., according to the press release.
Cross-selling opportunities will be enhanced with the acquisition, the company said. And products such as digital wallets, POS, pay later and prepaid solutions will all be available to a more expanded customer base.
Paysafe Group CEO Joel Leonoff expects Paysafe’s expanded product suite to be “unrivalled” in the marketplace, according to the same release. “This strategic acquisition is a success on many levels for Paysafe,” said Lenoff.
“First, it follows our strategy of building on our strengths and growing our presence in the fast-growing SMB sector operating in the vast US market. Second, it allows us to cross-sell more of our leading payment products to an expanded customer base. Third, the addition of O.B. and Robert [O.B Rawls and Robert Purcell are former iPayment CEO and CFO] to our team brings us further leadership bench strength; they both have strong reputations for possessing the commercial acumen and customer-centric focus that we look for in Paysafe.”
The integration process includes combining iPayment with Paysafe’s North American organization. The expanded organization will be spearheaded by North American Paysafe CEO Todd Linden.