Following the launch of Paysafe’s new brand, CMO Oscar Nieboer reveals more about how the repositioning came into being, and what it means for the company.
Why is the brand changing?
Today marks an important milestone in our journey as a brand. It is a journey that began when we came together as one company under the name Paysafe in 2015; for the next step on that journey we are putting definition around our brand externally and, in particular, positioning behind our processing division. We are also seeking to leverage our scale. Above all, the aim is to make Paysafe mean more than the sum of its parts.
Our new positioning, which is encapsulated by the strapline Plug into Paysafe, has its roots in the evolution of our technology platform. We boast an unrivalled portfolio of capabilities, but until now many of these have been relatively siloed. With the onset of our new technology stack and the Group platform’s evolution, these modular independent propositions will become more unified and available for a business to access through API integration.
As we do that, Paysafe moves from being largely a holding company to being a genuine payments platform for the modern economy, and that is the driver behind the rebrand.
How does the rebrand reflect Paysafe’s ambition to scale?
With our acquisition of iPayment and MCPS, Paysafe will occupy a top five non-bank processing position in North America. Our quest for scale is reflected in the Plug into Paysafe strapline in that it positions us as a one stop shop; so in a very real sense this rebranding is about positioning ourselves for growth. The combination of the new Group platform, and the joined-up capabilities it will enable, together with our increasing scale, particularly in North America, will bring real power and relevance to the market at the time where we seek to accelerate our growth.
How will the relationship between Paysafe and the Paysafe Group change?
In our current brand architecture Paysafe performs the role of a holding company, and we lack a distinct identity for our processing division which is a significant part of our business. In the new architecture we will invert that business relationship; Paysafe is now our business-facing proposition and Paysafe Group occupies the role of the holding company.
In the same way that the Coca Cola Company is the parent company behind Coke, so Paysafe Group will occupy the same role for Paysafe. It’s the place where broader communities can find information about our brands, about who we are, what we do, and our culture, whether that be a journalist or a prospective employee.
And it’s also the home of our broader portfolio of brands; Skrill, NETELLER, paysafecard, Paysafecash, Income Access, and GOLO.
In addition to Plug into Paysafe, the new brand also emphasises the ‘New Big’. Please explain the concept of the ‘New Big’.
The New Big is a description of what distinguishes Paysafe. It expresses the dual nature of what makes us unique, which is our ability to operate at scale with the might of a massive global player, combined with the customer focus and entrepreneurial zeal you see in a start-up. It is our ability to merge customer-centricity, customisation, and entrepreneurialism, and deploy that at scale with a global footprint that distinguishes Paysafe. That is something that the competition doesn’t do.
How is the new brand being launched?
If you were to have asked me what would have been the best way to launch the new brand, I’d probably have said we’d need a grand high-profile event in North America and an equivalent in Europe. Which is why I’m pleased to say that the brand made its “double debut” at the Indianapolis 500, which is a hugely popular sporting event in America with upwards of 500,000 spectators attending the race and more than 35 million people watching on TV.
At the same time the brand made its debut at Twickenham on the shirts of the Barbarians in their match against England – a game that received greater than expected press coverage because the Barbarians won a high scoring game in decisive fashion.
In addition to that dual brand debut, we have also launched our new website, which is a major part of presenting our proposition for Paysafe, in particular orientating itself around lead generation for growing our business.
But not content with the activity over the past few weeks and tomorrow, we are now in Amsterdam for Money20/20 Europe where we are pleased to be launching the first product of our new brand, Paysafecash. Developed the Vienna team behind paysafecard, Paysafecash is a great embodiment of what we do well; championing the consumer, sweating our portfolio, and putting new utilities in the hands of merchants and distributors.