Skrill

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For the fiction species, see Taelon#Skrills, living high energy weapons.
Skrill Limited
Type Private
Industry Online payments
Founded July 27, 2001 (2001-07-27)
Founder(s) Daniel Klein
Benjamin Kullmann
Headquarters 25 Canada Square, London, United Kingdom
Area served Worldwide
Key people Siegfried Heimgaertner, CEO
David Clarke, CFO
David Sear CCO
Roland Schaar, SVP Technology
Craig Doyle, SVP Sales and Marketing
David Roe, SVP Operations
Georg von Brevern, SVP Corporate Office
Products Payment gateway
Digital wallet
Prepaid card
PSP
Revenue Increase €200 million (2012)[1]
Employees 700+ (2014)
Parent CVC Capital Partners
Website www.skrill.com

Skrill (formerly Moneybookers) is a global e-commerce business that allows payments to be made through the Internet. For individual users, the Skrill payment system offers an online deposit account (e-wallet) and a low-cost, internet-based alternative to traditional money transfer methods such as cheques, money orders and wire transfers. To merchants, Skrill enables businesses to accept online payments: via major payment cards, Skrill's own online accounts & other local payment methods.

The Skrill payment system is owned and operated by Skrill Limited, a UK-based company registered as a Money Service Business with Her Majesty's Revenue and Customs, regulated by the Financial Conduct Authority and licensed to operate within the European Union.

History[edit]

The moneybookers.com domain was first registered on 17 June 2001.[2] On 27 July 2001, a company named Moneybookers Limited was incorporated in the United Kingdom.[3] The moneybookers.com website along with the online payment system was launched on 1 April 2002.[4] Almost 2 million new users registered with Moneybookers in the initial 1.5 years of operation. On 2 September 2008, Moneybookers claimed to operate in all countries of the world and handle over 5.5 million accounts.

In March 2007, Moneybookers was bought by Investcorp Technology Partners for 105 million[5] and as of 9 March 2009, it was put up for sale by its owners for an estimated £365 million.[6]

In February 2010, The Sunday Times ranked Moneybookers as the fastest growing private equity backed firm in the United Kingdom based on profits.[7] As of May 2012, the company boasts of 25 million customers, including 120,000 merchant accounts,[8] its payment gateway being integrated by a number of global online brands such as Facebook, Skype and eBay.

In August 2013, CVC Capital Partners acquired Skrill for €600m.[9]

Logo used during rebranding transition from 2011 to 2013.

Rebranding[edit]

In 2011, Moneybookers announced that they would rebrand their service as Skrill. The rebranding of the product was completed in Q3 2013.[10]

Service[edit]

According to Better Business Bureau review, Skrill has a very poor reputation with fraudulent behaviour which is proved by 52 complaints submitted by victimized users, most of the complaints cite unauthorized and fraudulent charges, poor and unreachable customer service, and deceptive selling practices, almost all of which appear to be linked to sudden account freezes and withheld funds. [11] Many customer reviews are favorable, for example in a 2011 survey by the online seller news blog eCommerce Bytes, Skrill received the second highest ranking out of all payment services. [12]


Skrill allows for sending and receiving payments in 41 currencies, supporting major credit and debit cards. Restrictions include countries on US and/or EU economic sanctions list. Since 2008, US-based customers could not receive money from non-US Skrill accounts, and non-US customers could not upload funds or send payments using US payment cards or bank accounts. As of February 2013, United States is not included on the list of supported countries.[13]

Skrill accounts can be held in any of major currencies but once the first transaction is made it is not possible to change the account's currency.

Individual customers can open an account with Skrill through registering their email address and certain personal data on the company's website. Completing an optional identity verification process allows sending/receiving higher-value payments. Accounts are identified by email address(es) associated with them; consequently, payments from a Skrill account (other than withdrawals to own bank account or a payment card) are processed by "sending" money to an email address. An email address once assigned to a Skrill account can only be altered or removed with help of Skrill support, and there is a limit of four email addresses per account. An "inactivity fee" is charged on accounts that have not been used for a more than 12 months.[14]

Customers can purchase a Skrill-branded prepaid card, linked to the account, in one of the four currencies: USD, EUR, PLN, and GBP.[15]

High-turnover customers are offered premium membership called "Skrill VIP" that includes additional features, e.g., a security token, multi-currency accounts and the ability to earn loyalty points.[16]

For businesses, Skrill offers a payment gateway, escrow payments as well as web SMS and fax sending services. Unlike some of its competitors, Skrill does not usually get involved in merchandise disputes, and the availability of credit card chargebacks may be limited.

WikiLeaks controversy[edit]

In August 2010, Skrill blocked the account operated by WikiLeaks as a donation collection account, citing the organisation's addition to Australian blacklists and American watchlists. This decision came under fire by free speech activists worldwide as complicit with out-of-court pressure applied on WikiLeaks by the government of the United States, as WikiLeaks had not been directly charged with any crime.[17]

Sponsorship[edit]

As of the start of the 2013/14 English football season, Skrill agreed to sponsor the Conference football league. The initial three year deal saw the league's three divisions known as the Skrill Premier, Skrill South and Skrill North. However, the deal was ended after less than one year.[1]

See also[edit]

References[edit]

  1. ^ "Investcorp agrees to sell Skrill Group to CVC Capital Partners for €600 million". Investcorp. Retrieved August 2013. 
  2. ^ "whois record". 2009-10-12. Retrieved 2009-10-12. 
  3. ^ "Companies House registration data: Moneybookers Limited". Retrieved 2012-12-02. 
  4. ^ "Moneybookers.com". 2002-01-04. Retrieved 2009-03-19. 
  5. ^ "Investcorp Technology Partners Undertakes Buyout of Moneybookers Limited for EUR105 Million". Retrieved 2008-06-17. 
  6. ^ "Investcorp to sell Moneybookers," Telegraph.co.uk (9 March 2009).
  7. ^ "The Sunday Times Buyout Track 100," The Sunday Times (February 7, 2010).
  8. ^ "Skrill.com – Key facts". Retrieved 14 May 2012. 
  9. ^ Christopher Williams, "CVC buys PayPal rival Skrill for £500m," The Telegraph (19 August 2013).
  10. ^ "Moneybookers/Skrill home page". Retrieved May 18, 2013. 
  11. ^ "Skrill Business Reviews by Better Business Bureau". Retrieved 2014-04-25. 
  12. ^ "Sellers Choice Online Payment Ratings: Skrill - Moneybookers". Retrieved 2014-05-15. 
  13. ^ "Moneybookers: list of supported countries". Retrieved 2013-02-17. 
  14. ^ "Moneybookers: Fees". Retrieved 2013-03-20. 
  15. ^ "Moneybookers: MasterCard". Retrieved 2013-04-25. 
  16. ^ https://www.skrill.com/en/vip/overview/"Moneybookers: Skrill VIP". Retrieved 2013-04-25. 
  17. ^ David Leigh and Rob Evans, WikiLeaks says funding has been blocked after government blacklisting The Guardian (14 October 2010).

External links[edit]