Type Private Area served Worldwide Website www.skrill.com Headquarters London, United Kingdom | Industry Online payments Key people David Sear CEO Revenue 331 million USD (2014) Number of employees 700 | |
 | ||
Products Payment gateway
Digital wallet
Prepaid card
PSP Founded 17 June 2001, London, United Kingdom Parent organizations Paysafe Group PLC, Investcorp, Skrill Holdings Limited Profiles | ||
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. 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.
Contents
Skrill
History
On 27 July 2001, a company named Moneybookers Limited was incorporated in the United Kingdom. In March 2007, Moneybookers was bought by Investcorp for €105 million and as of 9 March 2009, it was put up for sale by its owners for an estimated £365 million.
In February 2010, The Sunday Times ranked Moneybookers as the fastest growing private equity backed firm in the United Kingdom based on profits. In 2011, the company's customer base reached 25 million, including 120,000 merchant accounts, 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 €600 million. 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.
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. In April 2015, Skrill Group announced that it had completed acquisition of Ukash, its UK-based competitor.
In September 2011, Moneybookers announced that they would rebrand their service as Skrill. The rebranding of the product was completed in 2013. 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.
Customers can purchase a Skrill-branded prepaid card, linked to the account, in one of the four currencies: USD, EUR, PLN, and GBP. 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.
Criticism
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 August 2016, CardPaymentOptions has rated Skrill with 1.8 out 5 based on numerous customer complaints, where in many instances the company withheld funds from customers and merchants.
WikiLeaks controversy
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.