Founded in 2011, viafintech integrates with digital banking apps to offer a “mobile ATM” concept which enables consumers to make deposits or withdraw cash from digital bank accounts at retail stores using a barcode.

The investment will allow Paysafe to expand in critical markets and position itself as the “essential payments partner to challenger banks around the world,” a statement from the company read.

As part of the acquisition, viafintech’s managing directors Sebastian Seifert, Achim Bönsch and Andreas Veller will become part of Paysafe’s eCash solutions’ team, which is led by Paysafe eCash CEO Udo Müller.

“This is a very exciting acquisition for Paysafe,” said Müller. “By combining viafintech’s leading payment solutions with our own eCash and alternative payment portfolio, we are very well positioned as an essential payments partner to challenger banks around the world.

“This comes at a crucial point in time as we experience a consumer shift away from the legacy banking system and more and more challenger banks are entering the market and offering mobile-based solutions for banking and payments.”

viafintech solutions are also used for bill payments and credit pay-outs, and for online shopping in general.

Sebastian Seifert, Co-founder and Managing Director of viafintech, commented: “Becoming part of the Paysafe Group will help us to build on our business achievements to date and accelerate our future growth as Europe’s number one, non-banking, cash-in/cash-out infrastructure. We are excited to be starting this next chapter and doubling our efforts to strengthen financial inclusion and shift away from legacy banking.”