Lithuanian fintech Paystrax has acquired UK-based payment service provider Nochex to strengthen its foothold in the UK payments market. The financial terms of the acquisition have not been disclosed.
Paystrax has been active in the UK since 2023, receiving a Payment Institution licence from the Financial Conduct Authority (FCA) in May of that year. The company currently serves around 800 merchants in Europe with payment processing solutions, including point-of-sale terminals, online payment gateways, and mobile payment solutions.
Nochex is credited as among the UK’s first online payment service providers and became an FCA-authorised Electronic Money Institution (EMI) in 2001. It brings to Paystrax over two decades of market experience and an established customer base of UK merchants.
In a statement announcing the acquisition, Paystrax says: “We’re keeping what already works. The Nochex brand and team will remain in place, continuing to operate under the same trusted name UK merchants already know.”
Johannes Ingi Kolbeinsson, co-founder and CEO of Paystrax, credits Nochex’s “strong brand heritage” and “proven reputation with merchants”, adding: “While we continue to grow through our own organic efforts, part of our long-term strategy is to expand externally as well, by identifying the right opportunities to complement our business.”
Source: https://www.fintechfutures.com/
