PaySafe announces Special Purpose Acquisition Company merger, catching investors by surprise.
Paysafe, a leading competitor in the payments industry, is set to join the public markets once more following a $9 billion merger with Foley Trasimene Acquisition Corp II.
The merger, expected to be completed in the first half of 2021, will see Paysafe listed on the New York Stock Exchange under the symbol PSFE. This move comes as a strategic decision for the payments company, which currently competes with major players like PayPal, Neteller, Skrill, Payz (formerly ecoPayz), credit cards (Visa, Mastercard), prepaid cards (Paysafecard itself), EC-cards (Maestro, Visa Electron), direct transfers (Giropay, Sofortüberweisung) as well as cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dogecoin.
Bill Foley, the vice chairman of FIS and owner of the Vegas Golden Knights hockey team, is the owner of Foley Trasimene Acquisition Corp II. The SPAC route, which Intermex, a cross-border payments company, took in July 2018, has become increasingly popular due to its faster and lower-cost route to the public markets compared to traditional IPOs.
The impact of the 2021 stock market performance on cross-border payments companies remains to be seen. However, with Paysafe re-entering the public arena, it is likely that the company will re-join its competitors in the cross-border payments industry. The merger marks an exciting new chapter for Paysafe, as it prepares to navigate the ever-evolving payments landscape.
Read also:
- Peptide YY (PYY): Exploring its Role in Appetite Suppression, Intestinal Health, and Cognitive Links
- Toddler Health: Rotavirus Signs, Origins, and Potential Complications
- Digestive issues and heart discomfort: Root causes and associated health conditions
- House Infernos: Deadly Hazards Surpassing the Flames
