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Online payments company Paysafe will be public in the SPAC merger, Bill Foley says

Online payments company Paysafe will be public in the SPAC merger

March 30, 2021:- London-based online payments company Paysafe is set to start trading on U.S. public markets after merging with blank-check company Foley Trasimene Acquisition II Corp, billionaire businessman and sports executive Bill Foley told CNBC on Monday.

Foley, who set up the particular purpose acquisition company, or SPAC, announced in December that it targeted Paysafe in a deal valuing the firm at about $9 billion, which also included debt.

“Paysafe is ubiquitous. It’s just everywhere in terms of the gaming world and digital wallets, e-cash solutions,” he said.

“We’ll go public tomorrow as we start trading on the New York Stock Exchange,” he added.

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

Paysafe is including Income Access, Paysafecard, Skrill, and Neteller, is backed by Blackstone and CVC. Companies use Paysafe products to handle credit cards, cash, and direct-debit transactions digitally. Prepaid cards and digital wallets are different offerings.

Foley, whose SPAC in August raised $1.47 billion, said the company is making plans to penetrate the domestic gaming market, including brick-and-mortar businesses and helping casinos go cashless. Paysafe’s business is done internationally, he said.

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

“I’m excited about Paysafe. It’s a great company,” Foley said. “We’re pretty far along with a couple of different ideas that we’ve been working on concurrently with taking Paysafe public.”

Shares of Foley Trasimene Acquisition Corp. II moved 5.77% higher Monday to $15.39, giving it a roughly $2.8 billion valuation at the close.

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