Paysafe explains FTSE delay

Paysafe explains FTSE delay

Monday, November 16, 2015 Totally Gaming
Joel Leonoff believes Paysafe will play a key role in the future of payment processing

Paysafe Group – formerly Optimal Payments – has said that it now believes it will not be considered for inclusion in the FTSE 250 index until March 2016.

The online payment solutions operator, which owns the Paysafecard and Neteller brands, had previously stated that it hoped to obtain a Main Market listing before the end of 2015.

However, it now concedes that this is unlikely to take place before the London Stock Exchange’s quarterly review in March 2016. A company source previously told that the company has already outgrown the Alternative Investment Market (AIM) and the prospect of increased liquidity and greater exposure through FTSE 250 membership could inspire further progress.

The announcement came as the group said it had “continued to enjoy strong trading” during the quarter to September 30, with full-year group revenue and operating profit “in line with management expectations”.

Paysafe, which completed its £870m ($1.10bn/$1.23bn) reverse takeover of Skrill in August, said that integration is proceeding ahead of schedule, with better-than-expected synergies of between $5-10m expected to be achieved by the end of Q4 2015. It also said the group has been able to “completely absorb” the adverse impact previously disclosed in relation to Greece.

Speaking about the rebrand as Paysafe Group, Joel Leonoff, president and chief executive, said that the move will help it “redefine” the role of a payment solutions operator.

“At the heart of today’s online business requirements is the need for a robust payment strategy that is both seamless and secure for merchants and customers alike,” he said. “Merchants face a variety of challenges including the constant evolution of technologies, changing consumer behaviours and a wide variety of currencies.

“Paysafe is the meeting point between businesses and consumers; through our rebrand, we aim to redefine the role of the payments provider. This is the very definition of Paysafe; to be relevant at the point of every payment.”


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