Skrill

Skrill (formerly Moneybookers) is a digital wallet provider established in 2001 which offers a range of online payment and money transfer services.[3]

For the fiction species, see Taelon § Skrills, living high energy weapons.
Skrill Limited
TypePrivate
IndustryOnline payments
Founded27 July 2001 (2001-07-27)
Headquarters25 Canada Square, London, United Kingdom
Area served
Worldwide
Key people
Lorenzo Pellegrino (CEO)
ProductsPayment gateway
Digital wallet
Prepaid card
PSP
Revenue $331 million (2014)[1]
Number of employees
500+ (2018)[2]
ParentPaysafe Group
Websiteskrill.com

Since launch, Skrill has expanded to operate in more than 120 countries with the digital wallet offered in 40 different currencies.[4][5] Customers can upload money to their Skrill wallet using various payment options, including by card, bank transfer and a number of alternative payment methods. The funds can then be used to pay merchants, other Skrill users, or transferred into cryptocurrency.

Skrill also offers cross-border payments via its remittance service, Skrill Money Transfer.[6] The service enables customers to send money to a bank account overseas using their bank card. In 2015, Skrill was acquired by the Paysafe Group [7][8] along with former competitor Neteller and prepaid payment provider paysafecard.

Skrill holds a number of licenses enabling it to offer its services in Europe and globally. Skrill is operated by Paysafe Payment Solutions Limited, a company incorporated in Ireland and regulated by the Central Bank of Ireland,[9] for its European regulated activities. Skrill’s activities outside of the European Economic Area are operated by Skrill Limited – a company incorporated in the United Kingdom and regulated by the Financial Conduct Authority.


History

On 27 July 2001, Moneybookers Limited was incorporated in the United Kingdom.[10]

In March 2007, Moneybookers was bought by Investcorp for €105 million[11] and, as of 9 March 2009, it was put up for sale by its owners for an estimated £365 million.[12]

In February 2010, The Sunday Times ranked Moneybookers as the fastest growing private equity backed firm in the United Kingdom based on profits.[13]

In 2011, the company's customer base reached 25 million, including 120,000 merchant accounts,[14] its payment gateway being integrated by a number of global online brands, such as Facebook, Skype and eBay.[15][16]

In September 2011, Moneybookers announced that they would rebrand their service as Skrill.[17] The rebranding of the product was completed in 2013.[18]

In February 2013, Skrill completed the acquisition of Austrian-based prepaid payment method paysafecard.[19]

In August 2013, CVC Capital Partners acquired Skrill for €600 million.[20] 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.[21]

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 was finalized in the third quarter of 2015 according to the parties.[22]

In April 2015, Skrill Group announced that it had completed acquisition of Ukash, a UK-based competitor of paysafecard, which was merged during the same year.[23]

In June 2018, Skrill introduced crypto service that allows customers to buy cryptocurrencies their balance in local fiat currency to hold an interest in them via Skrill wallet without being able to withdraw the bought cryptocurrencies to a native wallet or any other cryptocurrency exchange.[24]

In May 2020, A.C. Milan announced Skrill as its official global payments partner.[25]

Service

Skrill is a digital multicurrency wallet provider for handling online payments, making transfers and storing money. It is available to any internet user over the age of 18 with a registered email address.

Supporting over 40 currencies, the service is used to make payments and withdrawals across trading, e-commerce and online gaming platforms.[26] Skrill customers can also use their account to transfer funds from their personal bank account to a bank account overseas, send money using only an email address or phone number, and buy and sell cryptocurrency.

Customers in certain locations can obtain a Skrill Card linked to their account. The card lets customers use their account balance to pay in stores or online where Skrill is not listed as a payment option. The Skrill Card can also be used to withdraw cash at ATMs.

Customers who meet certain spending thresholds are offered Skrill VIP membership[27] which includes lower fees, higher transaction limits and dedicated support, among others. Skrill offers a loyalty programme called Knect,[28] enabling customers to earn loyalty points that can be exchanged for cash vouchers.

WikiLeaks blockage

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.[29]

References
  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. "About Us". Paysafe. Retrieved 5 June 2019.
  3. "Skrill Holdings Limited: Private Company Information". Retrieved 26 March 2015.
  4. "E-Wallet Comparison: Skrill serviced countries list". Retrieved 29 January 2021.
  5. "Sending money with Skrill made easier than ever with new send to phone number feature". Retrieved 29 January 2021.
  6. "Skrill Money Transfer Review: Is it safe? How does it work? What are the rates?". Retrieved 29 January 2021.
  7. "Board of Directors". Paysafe. Retrieved 1 February 2019.
  8. "Skrill taps football legend to publicise its prepaid Mastercard Skrill prepaid". Cards International. Retrieved 30 April 2020.
  9. "Skrill Account Terms of Use". Retrieved 29 January 2021.
  10. "Company information for SKRILL LIMITED (04260907) incorporated 27-07-2001". Retrieved 26 May 2018.
  11. "Investcorp Technology Partners Undertakes Buyout of Moneybookers Limited for EUR105 Million" (Press release). 28 March 2007. Retrieved 26 May 2018.
  12. "Investcorp to sell Moneybookers". Telegraph.co.uk. 9 March 2009. Retrieved 26 May 2018.
  13. "Buyout Track 100" (PDF). The Sunday Times. 7 February 2010. Retrieved 26 May 2018.
  14. "Skrill's customer base has reached 25 mln in 2011". 19 March 2012. Retrieved 26 May 2018.
  15. Stafford, Philip (8 March 2009). "Moneybookers up for sale". Financial Times. Retrieved 26 May 2018.
  16. "eBay, Moneybookers & Paymate – Amazon launch FPS". Tamebay. 6 February 2009. Retrieved 26 May 2018.
  17. "Skrill - The New Face of Moneybookers". Branding. 29 September 2011. Retrieved 26 May 2018.
  18. "Our company - Skrill". Retrieved 26 May 2018.
  19. Moss, Karen (11 February 2013). "Skrill acquires paysafecard.com". retail-systems.com. Retrieved 25 June 2018.
  20. Williams, Christopher (19 August 2013). "CVC buys PayPal rival Skrill for £500m". The Telegraph. Retrieved 26 May 2018.
  21. Hannah Elisabeth (18 December 2014). "US Online Poker, New Jersey, and Skrill USA : What's in Store for 2015?". CardsChat. Retrieved 26 May 2018.
  22. "Neteller Acquires Skrill". 25 March 2015. Retrieved 26 May 2018.
  23. "Skrill Group completes Ukash acquisition" (Press release). Finextra. 1 April 2015. Retrieved 26 May 2018.
  24. "Skrill Cryptocurrency Terms of Use".
  25. "AC Milan Announces Skrill as Its Official Global Partner". AC Milan. 12 May 2020. Retrieved 9 October 2020.
  26. "Pay online". Skrill. Retrieved 1 December 2020.
  27. "VIP Rewards Programme". Skrill. Retrieved 1 December 2020.
  28. "Knect® - The Skrill Loyalty Program". Skrill. Retrieved 1 December 2020.
  29. Leigh, David; Evans, Rob (14 October 2010). "WikiLeaks says funding has been blocked after government blacklisting". The Guardian. Retrieved 26 March 2015.

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