Skrill

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Skrill is part of Paysafe Limited, a global payments platform. It is one of Paysafe's digital wallet brands and was established in 2001 to offer multiple online payment and money transfer services.[1] Skrill operates in more than 100 countries with the digital wallet offered in more than 40 currencies.[2][3] The company facilitates multiple payment options including card payments, bank transfers and local payment methods. The funds in a Skrill account can then be used to pay merchants and other Skrill users or converted into cryptocurrency.

Skrill also has cross-border payments accessible to users via its remittance service.[4] The service enables users to send money to a bank account overseas using their bank card.

In 2015, Skrill was acquired by Paysafe [5][6] along with former competitor NETELLER and prepaid payment provider paysafecard.[7]

Skrill is operated by Paysafe Payment Solutions Limited, a company incorporated in Ireland and regulated by the Central Bank of Ireland,[8] for its European regulated activities. Skrill's activities outside the European Economic Area are operated by Skrill Limited – a company incorporated in the United Kingdom and regulated by the Financial Conduct Authority.[9]

History

Early history (2001 to 2015)

Skrill, formerly known as Moneybookers, was founded in 2001 in the United Kingdom as a digital wallet provider.[10] By 2007, it had become established as one of the top three e-payment solution providers in Europe[11] when it was purchased by Investcorp in March of that year.[12] In August 2010, Skrill blocked an account operated by WikiLeaks as a donation collection account, citing the organisation's addition to Australian blacklists and American watchlists.[13] In September 2011, Moneybookers announced that they would rebrand their service as Skrill, completing the rebrand in 2013.[14] As Skrill, they completed the acquisition of Austrian-based prepaid payment method paysafecard in February 2013,[15] before being acquired by CVC Capital Partners for €600 million in August 2013.[16]

In 2009, Skrill, then known as Moneybookers, suffered a large security breach which exposed the data of almost 4.5 million customers. The breach was not discovered until October 2015 and included names, e-mail addresses, home addresses and IP addresses.[17]

Paysafe subsidiary (2015 onwards)

In 2015, Skrill was acquired by Optimal Payments, the parent company of rival digital wallet NETELLER, for €1.1 billion.[18] During this period, Skrill Group announced in April 2015 that it had completed the acquisition of Ukash, a UK-based competitor of paysafecard, which was merged during the same year.[19] In November 2015, Optimal Payments rebranded as Paysafe.[20]

In 2018, Skrill began to extend the amount of services offered to its users, launching an international money transfer service in February 2018,[21] and a crypto service in July 2018 allowing users to buy and trade cryptocurrencies.[22] This was followed by the launch of Skrill's customer loyalty programme, KNECT, in November 2019[23] and the extension of the international money transfer service to US users in June 2020.[24]

Sponsorship and relationships

In 2011, Skrill first sponsored the PokerStars owned European Poker Tour for its eighth season, sponsoring the event again in 2013 for its tenth season.[25]

In July 2013, English football's National League signed a one-year sponsorship deal with Skrill[26] with the Conference's divisions being known as The Skrill Premier, The Skrill North and The Skrill South.

In May 2020, Skrill announced a four-year AC Milan sponsorship deal.[27]

In March 2021, Skrill announced a new partnership with the English Premier League football team Leeds United.[28][29]

Service

Skrill is a digital multi-currency wallet that handles online payments and money transfers.[32]

Awards

Skrill was named ‘Best Digital Wallet’ at The Digital Banker's Global Payments Innovation Awards 2023 and the Juniper Research Future Digital Awards 2019.[30]

Paysafe, Skrill's parent company, was named one of CNBC's World's Top Fintech Companies 2023. Paysafe also won the ‘Payments Provider of the Year’ award at the 2023 EGR North America Awards – its third consecutive win in the category.[31]

In 2022, Paysafe was named Payment Service or Solution Provider of the Year at the VIXIO Gambling Compliance Global Regulatory Awards,[32] won in the ‘Payment Solution & Innovation of the Year’ category at the 2022 SBC Awards Latinoamérica[33] for a second consecutive year, and won ‘Payment Innovation of the Year’ at the 2022 SBC Awards North America.[34]

References

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External links

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