Paysafe Ltd. (PSFE), a company known for providing online businesses with digital commerce solutions, is currently seeing a decline in premarket, as its share price reached $9.41 after decreasing some 7.75%. This has followed after the PSFE stock declined by some 6.25% on Friday, resulting in the share price decreasing to $10.20.
Appointment of CEO Global digital wallet
On the 10th of August, the company announced to appoint Chirag Patel as the CEO of its Global digital wallet business. According to the company, Patel would join during early September. Patel has experience of over 20 years working with top global organizations in payments. Before joining Paysafe, he was Global head of payments at Santander group, and before that, he has also served as Amazon’s Head of payments of Europe and international expansion.“We’re thrilled to have someone of Patel’s caliber and energy-level to take our Digital Wallets business to the next level of growth”, said Philip McHugh, CEO of Paysafe. Before Patel, Lorenzo Pellegrino was the CEO of Digital wallet.
Acquisition of PagoEffectivo
On 2nd August, Paysafe announced to have signed a definitive agreement for the acquisition of PagoEffectivo, which is a Peruvian alternative payments (APM) platform, existing in Latin America. That agreement provided Paysafe with a foothold in the Latin American region. “Our cloud-based technology stack and global enterprise relationships will only help accelerate PagoEfectivo’s very strong growth”, said Philip McHugh on the occasion. After the news of that signing came out, PFSE stock experienced a surge in NASDAQ.
PSFE Appointmed Non-executive director
On the 26th of July, Paysafe announced the appointment of Mark Brooker as its non-executive director. Brooker joined as an additional member of the board. He has extensive experience in executive posts. Before that incorporation, he was the COO of Trainline, Europe’s largest retailer of rails and coaches tickets. He also has diverse experience in non-executive roles within the industry.
Launch of safeguarding solutions
In early July, the company announced the global launch of safeguarding solutions for the travel industry. This new solution makes the role of travel operators minimal. This solution works in a way quite different from other travel businesses. The consumer payments are held by the third party and then released in full to the travel company. That mechanism had been made in partnership between Paysafe and industry specialized trust solutions partners. Meanwhile, days before the launch of solutions, the company published a whitepaper for the industry. The paper outlined the safeguarding model could prove fruitful for both the travel business and for the acquirers as well.
Enabled online transactions on Xbox
In June, Paysafe announced it have extended its relation with Microsoft, via enabling online cash transactions on Xbox. The transactions had to be done through Paysafecard. Paysafecard is currently available in 50 different countries. Initially, in December 2020, Paysafe’s e-cash payment solution was added to Xbox.” It’s an inclusive option for those who might not have traditional bank accounts and provides an easy way to manage entertainment budgets”, said Udo Müller, CEO of Paysafecard.
What’s the future of PSFE stock?
Looking ahead, the revenue targets of the company estimated for the next year stand at $1.71 billion. Apart from that, the growth estimates for next year stand at 433.30%. All of these stats suggest that future times seem to be jubilating for Paysafe. With regards to PSFE stock, the EPS for next year could increase by 387.50%, a factor that every potential investor should keep in mind.
