After achieving official certification from the Financial Conduct Authority (FCA), Lithuanian fintech firm PAYSTRAX has now officially launched in the UK.
Founded in Vilnius in 2018, the company has grown organically over the years with no participation in series funding or capital injection rounds, topping gross revenue of €20m in 2022.
The fintech also holds a Principal Membership licence with Visa and Mastercard, while also being a member of the European Payments Group.
Johannes Kolbeinsson, CEO and Co-Founder of PAYSTRAX, commented: “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 previously worked as a CEO of Icelandic payment service provider KORTA PAY between 2002 and 2018, having been granted a management excellence award from the President of Iceland.
He added: “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 payments.”
PAYSTRAX has so far managed to build up a customer network of more than 500 merchants and retailers across the UK and Europe to reduce digital payments friction.