Paysafe acquires US payments firm Openbucks
Paysafe has acquired US-based payments company Openbucks as part of an ongoing stateside expansion.
Openbucks is a payment gateway that allows online merchants to accept retail gift cards as an alternative form of payment.
Its partners include pharmacy chain CVS and convenience store operator Dollar General. Founded in 2011, Openbucks has raised $5.3 million from three rounds.
Paysafe says its latest investment forms part of its strategy to further expand its cash alternative payment offering in the US.
Philip McHugh, CEO of the firm, adds that it is seeing a lot of expansion opportunities in the US marketplace.
“This tuck-in acquisition reinforces our strategy of investing in and growing our core, specialised payments offering.”
The Openbucks team will move across to Paysafe’s global eCash division, led by Udo Mueller.
Openbucks founder Marc Rochman, will also continue as a strategic adviser to Mueller and the team.
“With the full backing of a global payments provider who is heavily committed to expanding in the US marketplace, the Openbucks vision and strategy will be certain to accelerate,” says Rochman.
Neither firm has disclosed the financial details of the deal.