Paysafe targets US expansion with Openbucks deal

Payments big hitter Paysafe is to acquire US-based venture Openbucks for an undisclosed sum.

The deal is expected to complete by the end of the month.

Founded in 2011, Openbucks allows online merchants to accept retail gift cards as an alternative form of payment to credit cards. Paysafe says that the investment forms part of its strategy “to further expand its cash alternative payment offering in the US, one of the world’s largest e-commerce markets.”

As part of the deal, the Openbucks team will move across to Paysafe and become part of the company’s global eCash division, which is headed up by Udo Mueller. Openbucks founder, Marc Rochman, will also continue as a strategic adviser to Mueller and the team.

“Openbucks is a highly innovative alternative payment solution provider which has built deep distributor partnerships across the US,”  comments Mueller.

“The cash alternative payment market is a thriving one and we are seeing increased demand from online merchants, who want to enable gift cards as a payments solution in order to reach new consumers, particularly in sectors such as gaming, eSports and entertainment which are very much on the rise.”

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