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Neovia Financial, the online payments provider formerly known as Neteller, has recently signed an agreement to acquire IDT Corporation’s European prepaid payment services division. The transaction was made for a total prize of 15.05 million Dollars, considered to be granted from the company’s existing cash resources.

Neovia Financial announced the agreement to purchase the issued share capital of IDT Financial Services Holdings as well as other particular assets that provide prepaid MasterCard products in the United Kingdom market under the IDT brand.

According to Neovia officials, the operation represents a strategic step for the company as they are adding new product lines based on the IDT Prime Card, improving the development of Neovia’s prepaid Net+ card business as well as increasing the company’s active Neteller e-wallet client base.

Ron Martin, president and CEO of Neovia, said: “The acquisition of IDT Finance represents a major milestone in the development of our financial services offering to both our consumers and merchants and in our overall strategy to diversify our business. The integration of IDT Finance’s well-regarded prepaid debit card operation and banking license will enable us to leverage our existing capabilities to offer additional products and services.”