Paysafe Group PLC is based in the Isle of Man and regulated in the United Kingdom. It is the provider of the NETBANX gateway, Neteller e-money payments and free person-to-person money transfer service, and the Net+ prepaid card products used by merchants and consumers in over 200 countries. Paysafe is authorised by the Financial Conduct Authority. The company is listed on the London Stock Exchange and it is a constituent of the FTSE 250 Index.
The company was formed from the combination of Neteller PLC, Netbanx Ltd and Optimal Payments Limited. Netbanx was founded in 1996, and Neteller in 1999. In April 2004, Neteller PLC raised about $70 million in its initial public offering (IPO) on the London Stock Exchange.
In November 2005, Neteller PLC acquired Netbanx Ltd. In November 2008, Neteller PLC renamed itself to Neovia Financial PLC. In February 2011, Neovia Financial PLC acquired Optimal Payments of Montreal, Canada. Next month, Neovia Financial PLC changed its name to Optimal Payments PLC. In early 2012, the acquisition was revealed to be a reverse takeover with the purging of a number of the senior management along with the chairman of the board.
In July 2014, Optimal Payment PLC expanded its United States interests by purchasing Meritus Payment Solutions, a California based payment processing company, and Global Merchant Advisors, Inc. based in the U.S. in a deal worth over $235 Million. In March 2015, Optimal Payments PLC revealed that it would acquire the maker of the Skrill e-wallet for a fee of around €1.1 billion.
The company moved to the main market of the London Stock Exchange in December 2015. On November 25, 2016, Paysafe Group, owner of Neteller and Skrill, restricted the use of the Net+ Prepaid MasterCard to countries within the Single Euro Payments Area (SEPA). This left users in over 100 countries unable to withdraw cash from ATM's, which left no recourse but to make purchases with Neteller/Skrill merchant partners or transfer funds to a bank account.
Products and services
The NETBANX service processes credit and debit card-not-present and non-card payments for North American, European and Asia global retailers through their online stores, mail-order/telephone order and automated (IVR) phone channels. The service offers both direct processing and acquiring merchant services/merchant accounts. It is provided via the software as a service (SaaS) model. NETELLER is an electronic money/digital wallet service that allows consumers to add, withdraw and transfer funds to and from merchants and other people. Net+ prepaid payment card available in eight currencies is mainly intended to be used with Neteller and is accepted as normal MasterCard payment card.
In July 2014, Optimal Payments became the sponsor of Crystal Palace Football Club for the 2014/15 and 2015/16 seasons of the English Premier League. The front of the team's shirts will be displaying Neteller's logo according to the deal.