Clearwater International advises GLORY on the sale of its shares in viafintech to Paysafe and on an associated strategic partnership agreement between GLORY and Paysafe
Clearwater International has advised GLORY Ltd. (GLORY), a global leader in cash technology solutions, on the sale of its shares in viafintech GmbH (viafintech), a German fintech company that offers the largest bank independent payments infrastructure in the DACH region, to NYSE listed Paysafe, a leading specialised payments platform. Following the sale of their shares to Paysafe, GLORY will enter a new strategic partnership with Paysafe. The two companies have signed a referral agreement that enables GLORY to offer paysafecard, one of Paysafe’s leading eCash solutions, as a form of payment within its in-store payments kiosks, and, in turn, for Paysafe to offer GLORY’s cash technology solutions to its merchants around the world.
GLORY, headquartered in Himeji, Japan, and listed at Tokyo Stock Exchange, is a pioneer in the development and manufacture of money handling machines and systems. GLORY provides a variety of products such as money handling machines, cash management systems, vending machines, automatic service equipment, and cash management solutions that are built on its leading-edge recognition/identification and mechatronics technology. Committed to meeting society’s wide-ranging needs, GLORY serves the financial, retail, vending machine, amusement and gaming industries in over 100 countries around the world. GLORY has approximately 11,000 employees worldwide.
viafintech was founded in 2011 and integrates with digital banking apps to offer an innovative “mobile ATM” concept which enables consumers to make deposits or withdraw cash from their digital bank accounts at a nearby retail store using a barcode; something that is becoming increasingly popular in the region as bricks and mortar bank branches close, and fast-growing challenger banks and digital wallets disrupt the market. viafintech solutions are also used widely for bill payments and credit pay-outs, as well as for online shopping in general, supporting millions of consumers in the region who don’t have bank accounts, or who simply prefer the heightened security of using eCash to pay online. Headquartered in Germany, where it has a market-leading position, it also has a presence in an additional five European countries with plans to expand further. It operates via a network of 20,000 points of sale with over 20 well-known retail partners and also has deep relationships in the banking, bill payments and eCommerce industries.