Lithuanian FinTech PAYSTRAX has launched in the UK having received its Payment Institution License from the Financial Conduct Authority (FCA).
It hopes to revolutionize the UK and EU markets with its advanced card transaction acquiring and payment solutions. As a proud member of the European Payments Group, PAYSTRAX boasts Principal Membership licenses with both VISA and Mastercard.
In a bold move diverging from traditional funding methods, PAYSTRAX chose to grow organically since its inception in 2018. This strategy has proven fruitful, with the company achieving break-even status in just six months and maintaining a cashflow positive position thereafter. Their annual gross revenue hit an impressive €20m in 2022, and they anticipate further growth in 2023.
Johannes Kolbeinsson, CEO and co-founder of PAYSTRAX, emphasizes the company’s commitment to the UK market. “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.”
PAYSTRAX has already garnered trust from over 500 merchants and retailers across the UK and Europe, aiding them in the seamless adoption of digital payment methods.