PAYSTRAX, a payment processing solutions provider, is planning to expand its team in Lithuania. With offices in Vilnius, Klaipėda, Reykjavik in Iceland, and Brighton in the UK, the company is looking to double its current 30-strong team in Lithuania over the next 12 months.
“We have assembled a group of professionals with excellent knowledge of the environment that payment companies like PAYSTRAX operate in. Our team has made a great start, and PAYSTRAX is now ready to grow further,” says the company’s co-founder and CEO Johannes Kolbeinsson.
Having developed successful Fintech ventures in Iceland, PAYSTRAX co-founders chose Lithuania to establish an innovative company that provides state-of-the-art payment processing solutions for European merchants. Lithuania’s well-developed Fintech infrastructure is what made the country a good fit for PAYSTRAX headquarters.
PAYSTRAX provides Visa and Mastercard acquiring services for POS terminals, online, mobile and other electronic payment systems, creating customised solutions and add-ons tailored to the specific needs of users. Most of the company’s clients come from the United Kingdom, Hungary, Denmark, Lithuania and Germany, but the fast-growing Fintech is ready to onboard customers from other European countries as well.
Currently, PAYSTRAX is developing an innovative payment technology that will speed up the onboarding of new business accounts. Usually, the verification processes for legacy acquirers can take 3 to 6 weeks, which can be fatal for some businesses. A solution that PAYSTRAX has rolled out in Hungary allows users to be fully registered within a day and go live with their POS terminals within 3 days. A shortened account verification procedure should be active in the UK by the end of this year, and later expanded to other markets.
To support its fast-paced growth, PAYSTRAX established its second office in Klaipėda, Lithuania’s port city, earlier this year. The company is currently looking for specialists with a background in payments, sales, compliance, customer service and IT to join its Vilnius and Klaipėda teams.
“Payment processing is not a subject taught at university, so we focus on getting good people who are willing to learn and develop as professionals,” Mr. Kolbeinsson explains. “We are hiring people for the long-term and are willing to invest in their training.”
According to Elijus Čivilis, General Manager of Invest Lithuania, PAYSTRAX’s arrival in Klaipėda shows the city’s potential to attract innovative Fintech players.
“Klaipėda’s untapped, high-quality talent pool is an asset to ambitious international companies,” he says. “I hope that PAYSTRAX’s new office in the city will create a snowball effect and expand the Fintech geography in Lithuania outside the capital Vilnius.”