Skrill Group today announces that it has completed its acquisition of Ukash.
This deal, which was announced in November 2014, extends the scale and reach of Skrill Group’s paysafecard, further enhancing its position as Europe’s most popular, proven and secure prepaid payment solutions for purchasing online.
Since its launch in 2000, paysafecard has provided a way for consumers to get cash online and is widely accepted across a growing number of online industries including online games, social media channels and entertainment sites. It became part of Skrill Group in 2013 and has consistently grown its network of distributors to now consist of more than 480,000 outlets across 39 countries. In 2014, the number of transactions using paysafecard worldwide increased by 26% to over 86 million, equating to 162 uses per minute, highlighting how paysafecard has become an indispensable part of the digital world of today. In combination, paysafecard and Ukash will expand digital payments across both established and emerging markets.
David Hunter, who held the position of chief executive officer at Ukash for five years, is to step down from the company following the completion of the sale. He will take up a number of non-executive positions with a portfolio of businesses.
David Sear, chief executive officer of Skrill Group, commented, “Ukash is a shining example of British business. This is an exciting acquisition that will considerably extend our reach in the high-growth prepayment market, enabling us to support consumers and online businesses alike with the world's largest online cash replacement payment method. I’d like to thank David Hunter, who has been instrumental in the growth of Ukash, which will be integrated with paysafecard. As we move towards our combination with Optimal Payments, paysafecard will continue to be a key part of our strategy and of our offering to our customers.”