Paysafe is a global payments platform focused on specialized, high-complexity verticals — primarily iGaming, video gaming, digital entertainment, and e-commerce — where regulatory expertise and risk management create meaningful barriers to entry. Paysafe processed $167B in total payment volume in FY25 across two segments: Merchant Solutions and Digital Wallets. Merchant Solutions provides payment acceptance and processing to SMBs and enterprise merchants primarily in North America and Europe, through a proprietary gateway, ~210 ISV integrations, and ISO reseller channels. Digital Wallets provides stored-value wallet and eCash products to consumers, anchored by Skrill and Neteller (internet-based accounts popular with iGaming users) and PaysafeCard/PaysafeCash (cash-based products available at 1M+ retail locations in 60+ countries). Paysafe also operates in Latin America through PagoEfectivo and SafetyPay across 16 countries. Paysafe earns primarily transaction-based fees — a percentage of transaction value or a fixed fee per transaction — and also earns FX fees on cross-border transactions. Paysafe estimates it is one of the global leaders in iGaming payment services, serving ~1,500 operators worldwide, a position built on deep regulatory licenses and compliance infrastructure across dozens of markets. North America iGaming has been a standout growth driver, with processing revenue growing ~50% in FY25. Paysafe has been executing a multi-year turnaround, growing organic revenue from flat to 5-7%, driven by cross-selling acquiring and wallet products to enterprise clients, new product launches, and Latin America expansion.