LONDON — Digital payments company Ukash has been acquired by the Skrill Group, another London-based payments company that operates the Skrill and paysafecards brands.
Ukash, which is authorized and regulated by the U.K.'s Financial Conduct Authority and processes payments for from some adult websites, now will be part of Skrill's growing network.
Ukash and paysafecards both employ an electronic money system that allows users to exchange their cash for a secure code to make payments online.
Skrill has more than 13 years’ experience of enabling digital payments in Europe and has been building its presence in U.S. over the last year. It acquired paysafecards last year.
Also last year, Skrill announced that it had been approved by the New Jersey Division of Gaming Enforcement and was the first company to offer a digital wallet for regulated gambling in the state of New Jersey. It got its start as MoneyBookers.com but rebranded as Skrill Group in 2011.
David Sear, who will become CEO of Skrill Group in January, said: “The acquisition of Ukash will significantly extend our reach in the high-growth prepayment market. We are proud to support both consumers and online businesses with the world's largest online cash replacement payment method and look forward to serving a combined base of millions of consumers around the world.”
Terms of the acquisition were not disclosed.