Paystrax is aiming to become the next big thing to come out of Vilnius’ growing tech hub. The FCA granted Paystrax with a payment institution licence earlier this year. And now Paystrax has announced the launch of its UK operations.
Founded in 2018, Paystrax says that it broke even after six months. It reports to have been cashflow positive ever since and posted annual gross revenue of €20m+ in 2022. Additional growth is forecast for 2023.
The company highlights that it has chosen to fund its growth organically. Specifically, it has eschewed the traditional route of series funding and capital injection rounds.
Johannes Kolbeinsson, CEO and co-founder said: “Our aim is simple. Engage with a wide range of UK partners and merchants, providing efficient, high-quality acquiring services. At the same time, harnessing data intelligence to deliver added value to our customers.”
In the UK, the company is based in Brighton. It is the latest
Lithuanian-based company to target the UK after the success of startups including 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 added.
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‘Perfect time to enter the UK – one of the world’s most important fintech hubs’: Paystrax
Kolbeinsson was previously co-founder and CEO of Icelandic payment service provider KORTA PAY (now RAPYD Europe).
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. It was always our aim to enter the UK market after we cemented our foundation across Europe. Modern problems require modern solutions. The UK is 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.”