Payments

Paysafe completes merger of Foley Trasimene

Image courtesy of iStock

March 31, 2021

Paysafe Group Holdings Limited and Foley Trasimene Acquisition Corp. II, an acquisition company, have completed their merger, according to a press release.

The combined company now operates as Paysafe Limited, common shares and warrants are now trading on the New York Stock Exchange under the ticker symbols "PSFE" and "PSFE.WS."

Paysafe, which has two-sided consumer and merchant network, will enable businesses and consumers to transact seamlessly through payment processing; digital wallets including the Skrill and Neteller brands and online cash solutions including Paysafecard and Paysafecash.

William P. Foley II, founder and chairman of Foley Trasimene, will serve as chairman of Paysafe's board of directors. Paysafe's management team, headed by Philip McHugh, CEO, will continue to lead the combined company.

"We are thrilled to complete this business combination... Paysafe has the right assets, team and strategy in place to capitalize on a tremendous opportunity for long-term value creation in the payments industry, especially in iGaming which is really beginning to open up across the United States," Foley said in the release.