Skrill announces acquisition of the just started payolution

0

Skrill, one of Europe’s largest online payments providers, operating under the Moneybookers brand, has just announced that it has completed the acquisition of payolution, the Vienna based payment startup. Skrill acquires 100% of the share capital of payolution for an undisclosed sum. The Austrian company, which has just been purchased, provides a social risk engine to facilitate invoice & installment payments for online and offline merchants.

payolution lauched its service just four months ago and acts as a payment facilitator between merchants and financial institutions. The young startup also provides technical and operational services such as risk checks on behalf of its banking customers.

payolution’s two key products which will soon be available through the Skrill payment offering are:

-Invoicing and paying in installments: A system which enables merchants to extend credit to consumers to pay later via invoice once the goods have been shipped.

Social Risk Engine: An automated system, which allows merchants to establish the identity and/or creditworthiness of a new customer based on the online footprint of that person from publicly available data such as online social networks and other collaborative online services.

Nikolai Riesenkampff, Skrill’s Co-CEO stated in relation to the transaction: “By adding payolution’s products to our already comprehensive payment and security systems we are once again able to differentiate our offering to merchants and enable them to generate even more efficiencies from our service.”

Skrill is headquartered in London and was founded in 2002 with the name Moneybookers. In November of 2010 the European Paypal alternative announced that it is going to rebrand as Skrill by the end of 2011.