Skrill

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Skrill Limited
Private
IndustryOnline payments
Founded27 July 2001 (2001-07-27)
Headquarters25 Canada Square, London, United Kingdom
Area served
Worldwide
Key people
David Sear CEO
ProductsPayment gateway
Digital wallet
Prepaid card
PSP
RevenueIncrease $331 million (2014)[1]
Number of employees
700+ (2014)
ParentPaysafe Group
Websiteskrill.com

Skrill (formerly Moneybookers) is an e-commerce business that allows payments and money transfers to be made through the Internet, with a focus on low-cost international money transfers.[2]

It 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.[3][4]

Since 2015, Skrill belongs to the Paysafe Group,[5] along former competitor Neteller and prepaid payment method paysafecard.

History[edit]

On 27 July 2001, Moneybookers Limited was incorporated in the United Kingdom.[6] In March 2007, Moneybookers was bought by Investcorp for 105 million[7] and as of 9 March 2009, it was put up for sale by its owners for an estimated £365 million.[8]

In February 2010, The Sunday Times ranked Moneybookers as the fastest growing private equity backed firm in the United Kingdom based on profits.[9] In 2011, the company's customer base reached 25 million, including 120,000 merchant accounts,[10] its payment gateway being integrated by a number of global online brands such as Facebook, Skype and eBay.[11][12]

In September 2011, Moneybookers announced that they would rebrand their service as Skrill.[13] The rebranding of the product was completed in 2013.[14]

In February 2013, Skrill completed the acquisition of Austrian-based prepaid payment method paysafecard.[15]

In August 2013, CVC Capital Partners acquired Skrill for €600 million.[16] As of 2014, Skrill has been approved by the New Jersey Division of Gaming Enforcement (NJDGE) as the only sanctioned digital wallet for New Jersey internet gambling.[17]

In March 2015, Optimal Payments, the parent company of the Skrill's rival Neteller, announced its official proposal for acquisition of Skrill Group for €1.1 billion. The deal is to be finalized in the third quarter of 2015 according to the parties.[18] In April 2015, Skrill Group announced that it had completed acquisition of Ukash, a UK-based competitor of paysafecard, which got merged during the same year.[19]

Service[edit]

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.[20] Customers can purchase a Skrill-branded prepaid card, linked to the account, in one of the four currencies: USD, EUR, PLN, and GBP.[21] High-turnover customers are offered premium membership called "Skrill VIP" that includes additional features, such as a security token, multi-currency accounts and the ability to earn loyalty points.[22]

Criticism[edit]

The non-profit Better Business Bureau currently has Skrill USA with a "D-" rating as of April 2016, the result of 66 complaints closed with BBB in last 3 years. As of July 2018, CardPaymentOptions has rated Skrill with 3 out 5 based on numerous customer complaints, where in many instances the company withheld funds from customers and merchants.[23][24][25]

WikiLeaks Blockage[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.[26]

References[edit]

  1. ^ "Proposed acquisition by Optimal Payments of Skrill to create a leading global player in online payment and digital wallets services" (PDF). Retrieved 26 March 2015.
  2. ^ "Skrill Holdings Limited: Private Company Information". Retrieved 26 March 2015.
  3. ^ "Skrill - TotallyGaming.com". Archived from the original on 2 April 2015. Retrieved 26 March 2015.
  4. ^ "Skrill (Moneybookers) - Crunchbase". Retrieved 26 March 2015.
  5. ^ "Board of Directors". Paysafe. Retrieved 2019-02-01.
  6. ^ "Company information for SKRILL LIMITED (04260907) incorporated 27-07-2001". Retrieved 26 May 2018.
  7. ^ "Investcorp Technology Partners Undertakes Buyout of Moneybookers Limited for EUR105 Million" (Press release). 28 March 2007. Retrieved 26 May 2018.
  8. ^ "Investcorp to sell Moneybookers". Telegraph.co.uk. 9 March 2009. Retrieved 26 May 2018.
  9. ^ "Buyout Track 100" (PDF). The Sunday Times. 7 February 2010. Retrieved 26 May 2018.
  10. ^ "Skrill's customer base has reached 25 mln in 2011". 19 March 2012. Retrieved 26 May 2018.
  11. ^ Stafford, Philip (8 March 2009). "Moneybookers up for sale". Financial Times. Retrieved 26 May 2018.
  12. ^ "eBay, Moneybookers & Paymate – Amazon launch FPS". Tamebay. 6 February 2009. Retrieved 26 May 2018.
  13. ^ "Skrill - The New Face of Moneybookers". Branding. 29 September 2011. Retrieved 26 May 2018.
  14. ^ "Our company - Skrill". Retrieved 26 May 2018.
  15. ^ Moss, Karen (11 February 2013). "Skrill acquires paysafecard.com". retail-systems.com. Retrieved 25 June 2018.
  16. ^ Williams, Christopher (19 August 2013). "CVC buys PayPal rival Skrill for £500m". The Telegraph. Retrieved 26 May 2018.
  17. ^ Hannah Elisabeth (18 December 2014). "US Online Poker, New Jersey, and Skrill USA : What's in Store for 2015?". CardsChat. Retrieved 26 May 2018.
  18. ^ "Neteller Acquires Skrill". 25 March 2015. Retrieved 26 May 2018.
  19. ^ "Skrill Group completes Ukash acquisition" (Press release). Finextra. 1 April 2015. Retrieved 26 May 2018.
  20. ^ "Online Casinos that Accept Skrill / Moneybookers". Retrieved 26 March 2015.
  21. ^ "Skrill MasterCard". Retrieved 26 March 2015.
  22. ^ "Skrill VIP". Retrieved 26 March 2015.
  23. ^ "Skrill Review". CardPaymentOptions.
  24. ^ "Skrill Reviews". Trust Pilot.
  25. ^ "Independent Review of Skrill". Monito.
  26. ^ Leigh, David; Evans, Rob (14 October 2010). "WikiLeaks says funding has been blocked after government blacklisting". The Guardian. Retrieved 26 March 2015.

External links[edit]