After a brutal 2021, online payment processing company Paysafe (NYSE:PSFE) seems to be on the rise now. Today, PSFE stock is up 10% so far on a number of promising news items.
So, what do you need to know about Paysafe right now?
Well, this morning the company announced it will appoint a new CEO: Bruce Lowthers, a former Fidelity employee. This seems to be much of the story behind today’s jump. Daniel Henson, the chairman of Paysafe’s board of directors, had some encouraging words for the move: “Paysafe is at an exciting inflection point on its journey and we are confident Bruce is the right leader to take it to the next level of growth.”
However, that’s not everything you need to know about PSFE stock lately.
PSFE Stock Climbs on Partnership Announcement
Alongside today’s leadership change, Paysafe also announced plans yesterday to expand its partnership with betPARX. Based out of Pennsylvania, the company is best-known for its sportsbook app and online casino games.
As per the announcement, the expanded partnership will enhance betPARX’s digital wallet, adding “instant funding of deposits” in addition to Paysafecash and Paysafecard online wallet options. Zak Cutler, CEO of North America iGaming at Paysafe, commented on the deal.
“We’re delighted to extend our partnership with betPARX into two major states in the U.S. iGaming space – New Jersey, the cornerstone of the whole market since 2013, and Pennsylvania. We look forward to facilitating payments for betPARX and its players in both states to strengthen the two brands’ customer conversions and retention.”
Since going public last year, Paysafe has had a fairly tumultuous time on the market. PSFE stock has shed more than 75% of its value in the past 12 months. Today’s news may be the start of a long-awaited bounceback, however — something the company has been waiting for.
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On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.