Skrill

About Skrill

Skrill is a digital wallet provider that facilitates online payments and money transfers for both individual and business clients. Established in the United Kingdom in 2001 as Moneybookers by Daniel Klein and Benjamin Kullmann, the company was among the first to receive an electronic money license from the Financial Services Authority. Klein, a serial tech entrepreneur, later co-founded the mobile point-of-sale company SumUp. Kullmann is now involved in global philanthropic work through the Kullmann Foundation.

The company experienced rapid growth, reaching nearly two million users within its first 1.5 years. In 2007, Investcorp acquired the company, which was later rebranded to Skrill starting in 2011. A series of acquisitions followed, including the purchase of paysafecard in 2013 and Ukash in 2015. In 2015, Skrill itself was acquired for €1.1 billion by Optimal Payments, the parent company of competitor Neteller, which subsequently rebranded as Paysafe. Today, Skrill operates as one of Paysafe's digital wallet brands.

The platform allows users to send and receive money in over 40 currencies across more than 100 countries. Its core service is a digital wallet that securely stores users' payment details, enabling them to pay online using just an email address and password. For businesses, Skrill offers merchant accounts that support over 100 local payment methods, credit and debit cards, and bank transfers. The business model relies on fees charged for transactions such as withdrawals, currency conversions, and certain types of money transfers. The platform also generates revenue from its VIP program and services tailored to the online gaming and gambling industry. Since 2018, Skrill has expanded its services to include cryptocurrency trading, allowing users to buy and sell various digital currencies directly from their wallets.