- Trading Name: Paysafe
- Legal Entity: Paysafe Financial Services Limited
Paysafe Payment Solutions Limited
- Activities: high-risk payment processor
- Location: United Kingdom
- Regulations: authorized by the Financial Conduct Authority (FCA)
- Key People: Larry Mullin, Christopher Aliotta, Joel Leonoff, and John Lefebvre.
The FCA-regulated Paysafe Financial Services Limited d/b/a Paysafe is part of the Paysafe Group (profile), which also comprises NETELLER, Skrill, Rapid Transfer, Paysafe:Card, or Paysafe:cash.
Paysafe is a high-risk payment processor addressing industries such as online casinos, gaming, online trading, or crypto trading.
Paysafe was founded by four entrepreneurs: Larry Mullin, Christopher Aliotta, Joel Leonoff, and John Lefebvre. They established the company in 1996 under the name Optimal Payments Limited, with a focus on providing secure online payment solutions. Over the years, the company grew and expanded its product offerings, and in 2015 it rebranded as Paysafe Group. Today, Paysafe Group is owned by a consortium of private equity firms, with its headquarters in London, UK.
Paysafe has an annualized transactional volume of US $120 billion in 2021 and approximately 3,500 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world.
Paysafe is a global provider of online payment solutions, offering services such as;
- prepaid cards
- online and mobile payment processing
The company’s products and services enable businesses and consumers to make secure, fast, and convenient online transactions. Paysafe operates in over 40 countries and supports over 200 payment types, and its solutions are used by millions of people worldwide. Paysafe’s goal is to make payments easier and more accessible for everyone, whether it’s online, on mobile devices, or in-person.
Their main services are:
a range of payment processing solutions for businesses, including payment gateway services, merchant accounts, and fraud prevention tools.
Paysafe offers a variety of payment solutions with different fees depending on the specific product and service used.
- Paysafe Card: no fees
- Paysafe eCash: no fees
- Paysafe Wallet: no fees
- Paysafe Processing: Fees for Paysafe’s processing services vary depending on the specific product and the volume of transactions processed. Merchants can contact Paysafe directly for pricing information.
Paysafe announced a partnership with the world’s largest crypto trading platform Binance.
In March 2023 Binance had to stop its GBP deposits and withdrawals. This is because, Paysafe, decided to stop offering Binance customers its embedded wallet solution in the UK in a move it blamed on complex regulation.
“We have concluded that the UK regulatory environment in relation to crypto is too challenging to offer this service at this time and so this is a prudent decision on our part taken in an abundance of caution,” a Paysafe spokesperson said to The Block.