Lithuanian FinTech PAYSTRAX Launches in the UK
- 21.11.2023 08:05 am
Having received its Payment Institution License from the FCA earlier this year, FinTech company PAYSTRAX has now officially announced the launch of its UK operations.
The company provides card transaction acquiring and payment solutions for UK & EU merchants, is a member of the European Payments Group, and holds a Principal Membership license with VISA and Mastercard.
PAYSTRAX has taken a refreshing route to market since being born out of Vilnius, Lithuania in 2018, choosing to fund and grow the business organically rather than the traditional route of series funding and capital injection rounds.
And it’s paid off: the company broke even after just six months and has operated as cashflow positive ever since. Annual gross revenue topped €20m in 2022, with additional growth forecasted for 2023.
“Our aim is simple: to engage with a wide range of UK partners and merchants, providing efficient, high-quality acquiring services, while also harnessing data intelligence to deliver added value to our customers,” Johannes Kolbeinsson, CEO and co-founder of Paystrax said.
With offices based out of Brighton, the company is the latest of several Lithuanian-based companies to make its way into the UK after the success of tech startups such as Nord Security and Vinted.
“Rather than just duplicate our operations in different countries, we focus on creating the best possible solutions from a central base which increases the processing efficiencies of merchants in other countries and therefore our own market competitiveness,” Kolbeinsson said.
Kolbeinsson was previously co-founder and CEO of Icelandic payment service provider KORTA PAY (now RAPYD Europe) between 2002 and 2018, receiving a management excellence award from the President of Iceland for his leadership of the company.
And despite a turbulent economic climate and a heavily congested FinTech market, Kolbeinsson says now was the perfect time for the company to enter the UK market.
“The UK is one of the world’s most important FinTech hubs, and it was always our aim to enter the UK market after we cemented our foundation across Europe. Modern problems require modern solutions, and with the UK one of the fastest adopters in embracing the cashless society, we believe we are perfectly placed to offer merchants and retailers the technologies and means to accept evolving forms of payment,” Kolbeinsson said.
Over 500 merchants and retailers across the UK and Europe trust PAYSTRAX to help them reduce the friction and time taken to adopt digital payment methods. The award of the Payment Institution Licence by the FCA in May 2023 signifies the company’s commitment to regulatory compliance, customer protection, and dedication to providing secure and efficient payment services in the UK.