Fintech firm PAYSTRAX, which provides card transaction acquiring and payment solutions for merchants, has launched its UK operations; after receiving its ‘Payment Institution License’ from the FCA earlier this year.
PAYSTRAX joins the ever-expanding list of Lithuanian fintech exports, having been founded in the country’s capital, Vilnius. The fintech company chose to fund and grow the business organically rather than the traditional route of series funding and capital injection rounds.
PAYSTRAX, a member of the European Payments Group, broke even after just six months and has operated as cashflow positive ever since. Annual gross revenue topped €20million in 2022, with additional growth forecasted for 2023. The fintech also holds a Principal Membership license with both VISA and Mastercard.
With new offices in Brighton, the company is the latest of several Lithuania-based companies to make its way into the UK after the success of tech startups such as Nord Security and Vinted.
Johannes Kolbeinsson, CEO and co-founder of Paystrax, explained: “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.
“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 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 time and achievements there.
Joining the UK fintech scene
2023 has proved to be a difficult year for the fintech sector, amidst less than ideal macroeconomic conditions. This is particularly true in the UK, which has a heavily congested fintech market.
Despite this, Kolbeinsson explains that he believes now is 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.”
PAYSTRAX reveals that it is already trusted by over 500 merchants and retailers across the UK and Europe to help them reduce the friction and time taken to adopt digital payment methods.
It explained that 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.