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United States securities and exchange commission logo





                              January 20, 2021

       Philip McHugh
       Chief Executive Officer
       Paysafe Ltd
       Victoria Place
       31 Victoria Street
       Hamilton H10. Bermuda

                                                        Re: Paysafe Ltd
                                                            Registration
Statement on Form F-4
                                                            Filed December 21,
2020
                                                            File No. 333-251552

       Dear Mr. McHugh:

              We have reviewed your registration statement and have the
following comments. In
       some of our comments, we may ask you to provide us with information so
we may better
       understand your disclosure.

              Please respond to this letter by amending your registration
statement and providing the
       requested information. If you do not believe our comments apply to your
facts and
       circumstances or do not believe an amendment is appropriate, please tell
us why in your
       response.

              After reviewing any amendment to your registration statement and
the information you
       provide in response to these comments, we may have additional comments.

       Registration Statement on Form F-4

       Cover Page

   1.                                                   Please revise to
highlight the risk factor cross-reference by prominent type or in another
                                                        manner. Please also
include a page number reference. Refer to Item 501(b)(5) of
                                                        Regulation S-K.
       Q. Why is FTAC proposing the Business Combination?, page 14

   2.                                                   We note your disclosure
that Paysafe is a leading, global pioneer in digital commerce with
                                                        over $98 billion in
volume processed in 2019 and $73 billion processed for the nine
                                                        months ended September
30, 2020. Please revise the third paragraph of this section to
                                                        balance your volume
processed disclosure with Paysafe's revenue and net losses for the
 Philip McHugh
Paysafe Ltd
January 20, 2021
Page 2
         referenced periods. Please also revise the Summary section in an
appropriate location and
         the Overview section on page 195 accordingly.
3.       We note your disclosure on page 47 that the company focuses on
specialized and high-risk
         industry verticals, including iGaming (which encompasses a broad
selection of online
         betting related to sports, esports, fantasy sports, poker and other
casino games), digital
         trading, cryptocurrencies, nutraceuticals, Cannabidiol (CBD) products
and multi-level
         marketing. We also note that such verticals represented approximately
$640 million,
         or 45%, of your revenue for the year ended December 31, 2019. Please
revise the third
         paragraph of this section and the Summary section in an appropriate
location to disclose
         the company's focus on these specialized and high-risk industry
verticals.
Parties to the Business Combination, page 26

4.       We note that post-combination the company will be controlled by a
number of principal
         shareholders or shareholder groups. In this regard, we note the new
shareholders
         agreement and allocation of board of directors representation. Please
revise to disclose
         the principal shareholders or shareholder groups which will control
the company post-
         combination.
Structure of the Transactions, page 28

5.       Please revise to briefly summarize the private placement and the PIPE
investment which
         appear integral to the financing of the transaction. Please include
enough detail so that
         shareholders understand the terms of the financing transactions and
the involved parties to
         include related investors and funds.
Organizational Structure, page 31

6.       Please refer to the company ownership structure chart immediately
following the
         consummation of the business combination. Please revise to disclose
the relative
         ownership percentages for the four different shareholder contingency
groups. Please also
         revise the chart on page 112 accordingly.
7.       We note that post-combination that the company will be a controlled
company under
         NYSE rules and that your principal shareholders will control a
majority of the company's
         voting power. Please revise the post-combination structure chart, by
footnote or
         otherwise, to disclose that the company will be a controlled company
and to disclose the
         principal shareholders or shareholder groups, including their relative
ownership
         percentages, who will control the post-combination company.
Comparative   Per Share Data,McHugh
FirstName LastNamePhilip       page 43
Comapany
8.         NamePaysafe
       Please              Ltd selected financial data or explain why this
disclosure is not
              revise to include
Januaryrequired.
        20, 2021 Refer
                  Page 2to the guidance in Item 3(d) of Form F-4.
FirstName LastName
 Philip McHugh
FirstName
Paysafe LtdLastNamePhilip McHugh
Comapany
January 20,NamePaysafe
            2021        Ltd
January
Page  3 20, 2021 Page 3
FirstName LastName
Merger Consideration
Consideration Paid to FTAC Stockholders   Effects of the Merger, page 112

9.       We note your disclosure that the shareholders of FTAC are being asked
to approve the
         issuance of the FTAC Class C Common Stock in exchange for the warrants
held by the
         founders in connection with the business combination pursuant to a
NYSE rule. Please
         revise the third paragraph to disclose the ownership percentage the
FTAC Class C
         Common Stock represent upon issuance or conversion. Please also revise
to clarify the
         ownership percentage such shares could represent in the
post-combination company.
Background of the Business Combination, page 127

10.      We note that FTAC shareholders are voting to approve the proposed
business combination
         and essentially their equity ownership percentage in the
post-combination company. We
         also note certain instances where the discussion references that the
parties discussed or
         proposed different pro forma equity ownership calculations or changed
the transaction
         structure or financing to ensure a certain pro forma equity ownership
outcome. In each
         case, no specific details are disclosed. Please revise this section to
more clearly detail
         how the FTAC shareholder's equity ownership percentage was
specifically negotiated and
         ultimately determined.
11.      We note that FTAC hired RBC to act as its financial adviser related to
the
         proposed transactions. Please revise the discussion to discuss in
greater detail the role
         RBC played in the proposed transactions. We note that RBC didn't
deliver a fairness
         opinion; revise to clarify whether RBC prepared and delivered any
reports to the FTAC
         board of directors regarding the final proposed transaction.
12.      Elaborate upon the discussion where one of the members of the FTAC
Board reviewed
         with the other members of the FTAC Board the enhancements to the terms
of the
         transaction structure, strategic rationale for the transaction,
financials, base returns,
         comparison to other comparable transactions and key opportunities for
change and
         transformation in the Paysafe business, including organic expansion,
acquisition
         opportunities and cost savings. If any of these factors were used as a
basis to recommend
         approval of the transaction, please revise to discuss these factors in
greater detail, such as
         base returns, comparable transactions or cost savings.
Interests of FTAC   s Directors and Officers in the Business Combination, page
138

13.      Please refer to the fourth bullet. We note that in connection with the
PIPE investment the
         FNF Subscribers and Cannae Holdings are each entitled to certain fees
based on their
         subscription amounts. Please revise to quantify the the respective
fees that each
         investor will earn based on their respective PIPE investments. Please
also revise the
         prospectus throughout accordingly.
 Philip McHugh
FirstName
Paysafe LtdLastNamePhilip McHugh
Comapany
January 20,NamePaysafe
            2021        Ltd
January
Page  4 20, 2021 Page 4
FirstName LastName

14.      We note that post-combination the founders of FTAC and related
entities will own a
         substantial percentage of the company as a result of their original
ownership in FTAC, the
         private placement and the PIPE investment. Please revise to clarify
the post-combination
         ownership of the founders and any related entities in the
post-combination company on a
         consolidated basis.
Unaudited Pro Forma Condensed Combined Financial Information
Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined
Balance
Sheet, page 179

15.      We refer you to adjustment M. Please help us understand how you
arrived at the debt to
         be repaid in the amount of $1,117,275. Please explain the timing of
this repayment.
Key Verticals & Trends, page 201

16.      We note that your key verticals include iGaming and Gaming. Please
revise to disclose
         the revenue generated from each vertical for the financial periods
included in the
         prospectus so investors can appreciate the size and revenue
contribution of your key
         verticals.
Pi Jersey Holdco 1.5 Limited
Notes to the Consolidated Financial Statements
5. Intangible assets, page F-29

17.      You disclose on page F-13 the estimated useful lives for customer
relationships have a
         range from 2 to 22 years. Please explain to us the nature of customer
relationships, the
         specific factors that you considered in estimating the useful lives
and why estimated
         useful lives of up to 22 years were considered reasonable for certain
customer
         relationships in your situation. We note from your disclosure that
customer relationships
         acquired during the years ended December 31, 2019 and 2018 have useful
lives of 5 to 13
         years. We also note a majority of the impairment loss recorded in 2019
and for the nine
         months ended September 30, 2020 were related to a deterioration in
forecasted cash
         outflows and higher than anticipated attrition rates of your customer
relationships. Refer
         to ASC 350-30-35.
Signatures, page II-5

18.      Please revise to include the signature of your authorized
representative in the United
         States. Refer to Instruction 1 to Signatures on Form F-4.
        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.
 Philip McHugh
Paysafe Ltd
January 20, 2021
Page 5

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

       You may contact Scott Stringer at 202-551-3272 or Lyn Shenk at
202-551-3380 if you
have questions regarding comments on the financial statements and related
matters. Please
contact Donald Field at 202-551-3680 or Mara Ransom at 202-551-3264 with any
other
questions.



FirstName LastNamePhilip McHugh                            Sincerely,
Comapany NamePaysafe Ltd
                                                           Division of
Corporation Finance
January 20, 2021 Page 5                                    Office of Trade &
Services
FirstName LastName
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