Formerly known as Moneybookers Skrill is a global online payment services provider which allows you to make payments online in a reliable and safe way. The Skrill digital wallet system is owned and managed by a U.K based firm named Skrill Limited. The firm is registered with Her Majesty’s Revenue and Customs as a “Money Service Business” entity. Licensing and regulatory jurisdiction however falls under the purview of the Financial Conduct Authority (FCA). With its license the firm is authorized to operate within the entire European Union (EU).
The Skrill Digital wallet system initially started as Moneybookers in 2001. However the online payment system under Moneybookers only took off officially on April in 2002. In 2007 Moneybookers was bought over for €105 million by Investcorp Technology Partners. In 2011 Moneybookers underwent a rebranding task to be called as “Skrill”. The rebranding task was only completed towards the later part of 2013. Besides in 2013 Skrill Moneybookers changed hands once more with CVC Capital Partners buying over the company for €600 million.
Starting off with almost 2 million clients in 2002 Moneybookers was handling 5.5 million accounts by the year 2008. It was ranked by the Sunday Times in 2010 as one of the fastest growing companies in the U.K. By 2012 the firm is said to have 25 Million clients including 120,000 business accounts. Some of the leading online brands which have incorporated Skrill Moneybookers as part of their payment system include eBay, Facebook and Skype.
Skrill supports the transfer of funds in 41 currencies and also the inclusion of major credit or debit cards with their clients’ accounts. In spite of the wide acceptance of Skrill as a global online payment mode restrictions of services to countries on the EU and U.S economic sanction list still applies. Regarded as a major letdown the U.S since February 2013 is also no longer one of the countries that are not supported by Skrill. Nevertheless Skrill still remains one of the most popular methods of transferring funds online among those in Europe.