Benzinga | Feb 26, 2021 11:28AM EST

Paysafe Taps Snowflake In Cloud Tech Partnership

Paysafe Group Holdings Ltd., a global payments provider focused on digital commerce and iGaming transactions, has announced a new partnership with the data cloud services provider Snowflake Inc (NYSE:SNOW).

What Happened: According to the companies, Paysafe will use the Snowflake technology to better access data insights and offer improved customer experiences with artificial intelligence and machine learning data models.

With this partnership, Paysafe said it will be able to fully transition into a cloud-based approach for its payment services including the Skrill and Neteller digital wallets, Paysafecard and Paysafecash eCash solutions and its payment processing solutions in North America and Europe.

Furthermore, Paysafe stated the Snowflake technology will support its consumer security and trends identification efforts and will also help to shape future product developments.

The financial terms of this partnership were not disclosed.

What Happens Next: Paysafe, a privately-held company headquartered on the Isle of Man, will soon be going public.

In December, it was acquired by the SPAC Foley Trasimene Acquisition II Corp. II (NYSE:BFT) in a deal valued at $9 billion. Upon closing of the transaction, the newly combined company will operate as Paysafe and plans to list on the New York Stock Exchange under the symbol PSFE.

Paysafe was previously a publicly traded company on the London Stock Exchange until it was acquired by CVC Capital Partners and The Blackstone Group Inc. (NYSE:BX) in 2017.

(Photo by Zdenk Mach?ek on Unsplash)