Austrian payment Startup payolution, which has only launched quietly several months ago had just been acquired by UK based Skrill Group, a leading european payment company best known for its core product Moneybookers, for an undisclosed amount.
Based in Vienna, payolution acts as a payment facilitator between merchants and financial institutions, offering invoice and installment payments for its e-commerce merchants. The Company also provides technical and operational services such as risk checks on behalf of its banking customers. The startup has two core products, whereas one of them is entitled “Social Risk Engine”. A method that takes the digital footprint of people into account in order to perform creditworthiness tests and liability checks based on the persons’ online identity.
Moneybookers is a leader in the gaming industry payment service area, yet has not yet managed to fully enter the retail market. It’s probable, that this acquisition should help offering another product which is largely targeted towards e-commerce and online retailers.
The team surrounding founder Stefan Kalteis and co-founder Michael Altrichter, who previously founded paysafecard, will be joining the Skrill Management Board and expand their product throught the coming years with the backing of Skrill’s infrastructure and sales force.