Global payments provider Paysafe announced on Monday it has acquired Openbucks, a payment gateway that allows online merchants to accept retail gift cards as an alternative form of payment to credit cards.
Founded in 2011, Openbucks notably enables U.S. consumers who do not have access to credit cards, or who prefer not to share their sensitive financial information online, to pay online using a gift card. The platform also partners with major nationwide retailers, including CVS and Dollar General to offer consumers in more than 25,000 brick and mortar outlets to buy gift cards that can be redeemed at participating online merchants.
While sharing more details about the acquisition, Philip McHugh, CEO of Paysafe Group, stated:
“This tuck-in acquisition reinforces our strategy of investing in, and growing our core, specialized payments offering in payment processing, digital wallets, prepaid, and eCash solutions. We’re seeing a lot of expansion opportunities in the US marketplace and I am confident that the integration of Openbucks into our Group will become a key part of our US growth story.”
Marc Rochman, founder of Openbucks, added:
“I’m very excited to have signed this deal with Paysafe and look forward to integrating Openbucks into a much larger Group that shares common values, a passion for payment technology and service, and a dedication to providing access to online commerce to everyone, especially the underbanked and unbanked. Now, 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, and we will be able to provide a world class alternative payment solution to thousands of additional online merchants.”
Founded in 1996, Paysafe claims to be a leading global provider of end-to-end payment solutions. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions.
The purchase information for Openbucks has not been disclosed at this time.