Skrill adds scale in pre-paid with plans to acquire Ukash

Skrill adds scale in pre-paid with plans to acquire Ukash

Skrill Group is to acquire Ukash, a UK-based electronic money system that allows users to exchange their cash for a secure code to make payments online.

London-based Skrill Group says the acquisition will add scale and reach to its pre-paid unit paysafecard. The deal comes just weeks after CVC Capital Partners-backed Skrill appointed former Weve boss David Sear as its new chief executive officer.

Skrill acquired paysafecard in 2013. Much like Ukash, users can buy topped-up paysafecards for shopping online via a network of more than 450,000 distribution outlets across 39 countries.

Sear, who will become CEO of Skrill in January, comments: “The acquisition of Ukash will significantly extend our reach in the high-growth prepayment market. We are proud to support both consumers and online businesses with the world's largest online cash replacement payment method and look forward to serving a combined base of millions of consumers around the world."

Financial terms were not disclosed.

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