Skrill
{{Short description|E-commerce payment business}}
{{about|the payment service|the electronic music artist|Skrillex|the fictional species|Earth: Final Conflict}}
{{Multiple issues|
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{{Infobox company
| name = Skrill, a Paysafe company
| logo = Skrill logo.svg
| logo_size = 230px
| type = Public company
| industry = Online payments
| products = Payment gateway
Digital wallet
Prepaid card
PSP
Cryptocurrencies
Money transfer
| foundation = {{start date and age|2001|7|27|df=yes}}
| founder =
| location = London, United Kingdom
| area_served = Worldwide
| key_people = Bruce Lowthers (CEO){{Cite web |url=https://theorg.com/org/paysafe |title=Paysafe org chart |accessdate=14 September 2023 }}
| revenue = {{increase}} US $1.496 billion (Paysafe’s FY 2022 revenue){{cite web|url=https://ir.paysafe.com/regulatory-filings/all-sec-filings/content/0000950170-23-008186/0000950170-23-008186.pdf |title=Paysafe anual results 2022 |accessdate=14 September 2023}}
| num_employees = 3,300
| parent = Paysafe
| homepage = {{URL|skrill.com}}
}}
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.{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=118905485|title=Skrill Holdings Limited: Private Company Information|website=Bloomberg News|access-date=26 March 2015}} Skrill operates in more than 100 countries with the digital wallet offered in more than 40 currencies.{{cite web |title=E-Wallet Comparison: Skrill serviced countries list |url=https://www.skrill.com/en/skrill-news/product-updates/send-money-mobile-phone-number/ |access-date=29 January 2021}}{{cite web|url=https://www.skrill.com/en/skrill-news/inside-skrill/send-money-mobile-phone-number/|title=Sending money with Skrill made easier than ever with new send to phone number feature|access-date=29 January 2021}} 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.{{cite web|url=https://www.monito.com/en/send-money-with/skrill|title=Skrill Money Transfer Review: Is it safe? How does it work? What are the rates?|access-date=29 January 2021}} The service enables users to send money to a bank account overseas using their bank card.
In 2015, Skrill was acquired by Paysafe {{Cite web|url=https://www.paysafe.com/en/paysafegroup/board-of-directors/|title=Board of Directors|website=Paysafe|language=en|access-date=2019-02-01}}{{Cite web|title=Skrill taps football legend to publicise its prepaid Mastercard Skrill prepaid|url=https://www.verdict.co.uk/cards-international/news/skrill-taps-football-legend-to-promote-prepaid-mastercard/|website=Cards International|language=en-US|access-date=2020-04-30}} along with former competitor NETELLER and prepaid payment provider paysafecard.{{Cite news |date=2015-03-23 |title=Optimal Payments to buy e-wallet rival for $1.2 billion |language=en |work=Reuters |url=https://www.reuters.com/article/us-sentineltopco-m-a-optimal-payments-idUSKBN0MJ0SR20150323 |access-date=2022-09-10}}
Skrill is operated by Paysafe Payment Solutions Limited, a company incorporated in Ireland and regulated by the Central Bank of Ireland,{{Cite web|url=https://www.skrill.com/en/footer/terms-conditions/skrillaccounttermsofuse/|title=Skrill Account Terms of Use|access-date=2021-01-29}} 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.{{Cite web |date=2020-06-08 |title=Skrill Launches Free International Money Transfer Service In U.S. |url=https://www.businesswire.com/news/home/20200608005318/en/Skrill-Launches-Free-International-Money-Transfer-Service-In-U.S. |access-date=2023-07-27 |website=www.businesswire.com |language=en}}
History
= Early history (2001 to 2015) =
Skrill, formerly known as Moneybookers, was founded in 2001 in the United Kingdom as a digital wallet provider.{{cite web|url=http://ukdata.com/company/04260907/SKRILL-LIMITED|title=Company information for SKRILL LIMITED (04260907) incorporated 27-07-2001|access-date=26 May 2018}} By 2007, it had become established as one of the top three e-payment solution providers in Europe{{cite web|url=https://store.hbr.org/product/investcorp-and-the-moneybookers-bid/811013|title=Investcorp and the Moneybookers Bid|website=hbr.org|date=2 Feb 2011|access-date=1 March 2021}} when it was purchased by Investcorp in March of that year.{{cite press release|url=http://www.prnewswire.co.uk/news-releases/investcorp-technology-partners-undertakes-buyout-of-moneybookers-limited-for-eur105-million-153549825.html|title=Investcorp Technology Partners Undertakes Buyout of Moneybookers Limited for EUR105 Million|date=28 March 2007|access-date=26 May 2018}} 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.{{cite news |last1=Leigh |first1=David |last2=Evans |first2=Rob |date=14 October 2010 |title=WikiLeaks says funding has been blocked after government blacklisting |newspaper=The Guardian |url=https://www.theguardian.com/media/2010/oct/14/wikileaks-says-funding-is-blocked |access-date=26 March 2015}} In September 2011, Moneybookers announced that they would rebrand their service as Skrill, completing the rebrand in 2013.{{cite web|url=https://techcrunch.com/2010/11/16/moneybookers-to-rebrand-as-skrill-hopes-to-become-a-verb/?guccounter=1|title=Moneybookers to rebrand as Skrill - hopes to become a verb|date=6 Nov 2011|access-date=4 Feb 2021}} As Skrill, they completed the acquisition of Austrian-based prepaid payment method paysafecard in February 2013,{{cite web |url=http://www.retail-systems.com/rs/Skrill_paysafecard.php |title=Skrill acquires paysafecard.com |last=Moss |first=Karen |date=11 February 2013 |website=retail-systems.com |access-date=25 June 2018 }} before being acquired by CVC Capital Partners for €600 million in August 2013.{{cite web|url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/privateequity/10253182/CVC-buys-PayPal-rival-Skrill-for-500m.html|first=Christopher|last=Williams|title=CVC buys PayPal rival Skrill for £500m|website=The Telegraph|date=19 August 2013|access-date=26 May 2018}}
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.{{cite web|url=https://www.forbes.com/sites/thomasbrewster/2015/11/30/paysafe-optimal-neteller-moneybookers-gambling-cyberattacks-data-breach|title=Gambling Darling Paysafe Confirms 7.8 Million Customers Hit In Epic Old Hacks|website=Forbes |access-date=12 November 2023}}
= Paysafe subsidiary (2015 onwards) =
In 2015, Skrill was acquired by Optimal Payments, the parent company of rival digital wallet NETELLER, for €1.1 billion.{{Cite web |last=PYMNTS |date=2015-03-24 |title=Optimal Payments' Billion Dollar Bet On Online Gaming |url=https://www.pymnts.com/news/2015/optimal-payments-billion-dollar-bet-on-online-gaming/ |access-date=2023-03-13 |website=www.pymnts.com |language=en-US}} 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.{{cite press release|url=https://www.finextra.com/news/announcement.aspx?pressreleaseid=59264|title=Skrill Group completes Ukash acquisition|agency=Finextra|date=1 April 2015|access-date=26 May 2018}} In November 2015, Optimal Payments rebranded as Paysafe.{{cite web|url=https://www.emergingpayments.org/article/optimal-payments-becomes-paysafe-in-game-changing-global-rebrand/|title=Optimal Payments Becomes Paysafe in Game-Changing Global Rebrand|date=11 November 2015|access-date=1 March 2021}}
In 2018, Skrill began to extend the amount of services offered to its users, launching an international money transfer service in February 2018,{{cite web|url=https://www.emergingpayments.org/article/paysafe-money-transfers-made-easy-with-skrill-send-direct/|title=Paysafe – Money transfers made easy with Skrill Send Direct|date=2 May 2018|access-date=1 March 2021}} and a crypto service in July 2018 allowing users to buy and trade cryptocurrencies.{{cite web|url=https://www.finextra.com/pressarticle/74858/skrill-opens-crypto-wallet|title=Skrill opens crypto wallet|date=25 July 2018|access-date=1 March 2021}} This was followed by the launch of Skrill's customer loyalty programme, KNECT, in November 2019{{cite web|url=https://europeangaming.eu/portal/press-releases/2019/11/22/59136/skrill-launches-customer-reward-programme-skrill-knect/|title=Skrill launches customer reward programme: Skrill Knect|date=22 November 2019|access-date=1 March 2021}} and the extension of the international money transfer service to US users in June 2020.{{cite web|url=https://www.mobilepaymentstoday.com/news/paysafe-launches-skrill-money-transfer-in-us/|title=Paysafe launches Skrill money transfer in US|date=8 June 2020|access-date=1 March 2021}}
= 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.{{cite web |date=3 July 2013 |title=Skrill returns as Official Payment Provider Sponsor of European Poker Tour for Season 10 |url=https://www.pokerstars.com/en/blog/tournaments/ept/2013/skrill-becomes-official-payment-provider-139138.shtml |access-date=1 March 2021}}
In July 2013, English football's National League signed a one-year sponsorship deal with Skrill{{cite web |date=26 July 2013 |title=Skrill is the new title sponsor for the Football Conference Leagues |url=https://www.skrill.com/en/about-us/press/details/skrill-is-the-new-title-sponsor-for-the-football-conference-leagues/?gclid=CJPn1bGn17gCFXMRtAodRRsA-A |url-status=dead |archive-url=https://web.archive.org/web/20150630193544/https://www.skrill.com/en/about-us/press/details/skrill-is-the-new-title-sponsor-for-the-football-conference-leagues/?gclid=CJPn1bGn17gCFXMRtAodRRsA-A |archive-date=2015-06-30 |access-date=1 March 2021}} 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.{{cite news |date=12 May 2020 |title=AC MILAN ANNOUNCES SKRILL AS ITS OFFICIAL GLOBAL PAYMENTS PARTNER |newspaper=AC Milan |url=https://www.acmilan.com/en/news/articles/sponsor/2020-05-12/ac-milan-announces-skrill-as-its-official-global-payments-partner |access-date=1 March 2021}}
In March 2021, Skrill announced a new partnership with the English Premier League football team Leeds United.{{Cite web|title=LEEDS UNITED ANNOUNCES PARTNERSHIP WITH SKRILL|url=https://www.leedsunited.com/news/club/27839/leeds-united-announces-partnership-with-skrill|access-date=2021-03-21|website=Leeds United|date=12 March 2021 |language=en}}{{Cite web|title=Leeds United announces partnership with Skrill|url=https://www.paysafe.com/ca-en/paysafegroup/news/detail/leeds-united-announces-partnership-with-skrill/|access-date=2021-03-21|website=Skrill|language=en}}
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.{{Cite web |last=Miller |first=George |date=2019-11-04 |title=Skrill named Best Digital Wallet 2019 by Juniper Research |url=https://europeangaming.eu/portal/latest-news/2019/11/04/57842/skrill-named-best-digital-wallet-2019-by-juniper-research/ |access-date=2023-09-14 |language=en-US}}
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.{{Cite web |last=Simmons |first=Fiona |date=2023-05-01 |title=EGR Announces 2023 EGR North America Award Winners |url=https://www.gamblingnews.com/news/egr-announces-2023-egr-north-america-award-winners/ |access-date=2023-09-14 |website=GamblingNews |language=en}}
In 2022, Paysafe was named Payment Service or Solution Provider of the Year at the VIXIO Gambling Compliance Global Regulatory Awards,{{Cite web |title=2022 Global Regulatory Award Winners {{!}} VIXIO GamblingCompliance Global Regulatory Awards |url=https://gamblingcomplianceawards.com/history/global-regulatory-awards-2022/2022-global-regulatory-award-winners |access-date=2023-09-14 |website=gamblingcomplianceawards.com}} won in the ‘Payment Solution & Innovation of the Year’ category at the 2022 SBC Awards Latinoamérica{{Cite web |title=SBC Events |url=https://sbcevents.com/en/sbc-awards-latinoamerica/#winners}} for a second consecutive year, and won ‘Payment Innovation of the Year’ at the 2022 SBC Awards North America.{{Cite web |date=2022-07-20 |title=Paysafe wins 'Payment Innovation of the Year' award |url=https://gaminginternational.online/paysafe-wins-payment-innovation-of-the-year-award/ |access-date=2023-09-14 |website=Gaming International Online |language=en-GB}}
References
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External links
- {{commons category-inline}}
- {{Official website}}
{{Digital payment providers}}
{{Use dmy dates|date=October 2020}}
{{Use British English|date=October 2020}}
{{DEFAULTSORT:Skrill}}
Category:Electronic funds transfer
Category:Payment service providers
Category:Companies based in the London Borough of Tower Hamlets
Category:Foreign exchange companies
Category:Financial services companies established in 2001