Skrill Group, a UK-based payments company, has completed the purchase of Ukash, an electronic money system that allows users to exchange their cash for a secure code to make payments online.
The deal, which was initially reported in November 2014, will add scale and reach to Skrill Group’s pre-paid unit paysafecard, a prepaid payment solution.
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In addition, the acquisition will also strengthen Skrill’s position as Europe’s most widely utilized prepaid payment solutions for online purchases.
Following the acquisition, David Hunter CEO of Ukash will step down from his role to assume a number of non-executive positions with a portfolio of businesses.
Skrill Group CEO David Sear said: "This is an exciting acquisition that will considerably extend our reach in the high-growth prepayment market, enabling us to support consumers and online businesses alike with the world’s largest online cash replacement payment method.
"I’d like to thank Ukash’s CEO David Hunter, who has been instrumental in the growth of Ukash, which will be integrated with paysafecard. As we move towards our combination with Optimal Payments, paysafecard will continue to be a key part of our strategy and of our offering to our customers," he added.
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