PAYSTRAX launches UK operations

Lithuanian fintech, PAYSTRAX, has announced the launch of its UK operations after receiving its Payment Institution License from the FCA earlier this year. Established in 2018, PAYSTRAX provides card transaction acquiring and payment solutions for merchants in the UK and EU.  

The company’s offerings include multi-currency settlement and transaction services for various channels including point-of-sales terminals, ecommerce and mail orders. Additionally, PAYSTRAX provides services such as tokenisation, fraud prevention and chargeback management.  

PAYSTRAX broke even after six months of its founding and has maintained positive cashflow ever since. With an annual revenue surpassing €20m ($22m) in 2022, the company’s success is underscored by its organic growth approach, opting not to rely on series funding. 

Currently serving more than 500 merchants and retailers across the UK and Europe, PAYSTRAX aims to collaborate with a diverse array of UK partners and merchants. The company focuses on providing efficient, high-quality acquiring services, while also harnessing data intelligence to deliver added value to its customers. 

Johannes Kolbeinsson, chief executive officer and co-founder of PAYSTRAX, said: “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.”  

The move follows the footsteps of successful Lithuanian tech startups like Nord Security and Vinted. 

Image: PAYSTRAX  

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.