Online payment company Paysafe debuts at SPAC on Tuesday

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Online payment company Paysafe debuts at SPAC on Tuesday


London-based online payments firm Paysafe is set to begin trading in the U.S. public markets after its merger with blank check firm Foley Trasimene Acquisition II Corp, billionaire business executive Bill Foley told CNBC on Monday. and sports.
Foley, who created the Special Purpose Acquisition Company, or SPAC, announced in December that it was targeting Paysafe in a deal valuing the company at around $ 9 billion, including debt.

“Paysafe… is everywhere. It’s all over the world of gaming and digital wallets, electronic money solutions, ”he said in an interview with“ Mad Money ”. “In fact, we’ll go public tomorrow when we start trading on the New York Stock Exchange. ”

Foley is the Chairman of Fidelity National Financial and the majority owner of the Vegas Golden Knights.

Paysafe, which includes brands such as Income Access, Paysafecard, Skrill and Neteller, is backed by Blackstone and CVC. Businesses use Paysafe products to digitally manage credit card, cash and direct debit transactions. Prepaid cards and digital wallets are other offerings.

Foley, whose SPAC raised $ 1.47 billion in August, said the company plans to enter the domestic gaming market, including physical businesses and help casinos go cashless. Paysafe’s business is mainly done internationally, he said.

The gaming market in North America also presents an opportunity as the company hopes to become the “quintessential i-gaming leader” on the continent.

“I am excited about Paysafe. It really is a great company, ”said Foley. “We are quite far away with a few different ideas that we are working on at the same time as taking Paysafe on the stock exchange. ”

The shares of Foley Trasimene Acquisition Corp. II rose 5.77% Monday to $ 15.39, giving it a valuation of around $ 2.8 billion at the close.

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