In 2024, PAYSTRAX was selected as one of the TOP companies in Lithuania. Despite being a relatively young company, PAYSTRAX has made a significant impact in the fintech industry, achieving breakeven within six months of launching its acquiring services in 2021 and maintaining positive growth ever since.
TOP Companies 2024 – these are profitable businesses that create long-term value and lay a strong economic foundation for Lithuania. Rekvizitai.lt nominates and awards companies that meet strict criteria, making them trusted and recommended for successful, sustainable partnerships. Only 6% of Lithuanian companies meet the strict “TOP Company 2024” standards. We are honoured to be recognised as a profitable and financially stable company. Let’s take a quick look at how we got here!
PAYSTRAX is an innovative FinTech company and card acquirer, playing a key role in the Payments Value Chain by providing cutting-edge solutions to European and UK merchants. Established in 2018, PAYSTRAX is now in its sixth successful year of business. Operating from offices in Vilnius, Klaipeda, Reykjavik, and Brighton (UK), we’ve successfully expanded globally. In 2023, PAYSTRAX LTD obtained an FCA license, marking a strategic entry into the UK market, and we continue to grow consistently.
In our early years, the company focused on obtaining a payment institution license, building in-house technology, integrating third-party systems, and developing service solutions. By leveraging in-house expertise and partnering with industry leaders like OmniPay, ACI Worldwide, and Salesforce, we optimised resources, bringing some services in-house while outsourcing others strategically.
“I can confidently say that the PAYSTRAX journey began from the ground up—selecting the right technology and building ecosystems that may now feel routine in our day-to-day work. However, it required careful planning and execution, with close attention to detail to ensure a strong foundation for future success. The strength of the team is just as crucial. With a great team, you can concentrate more on what matters to the customer. Collaboration and partnerships are key to our success.”- Gunnar Mar Gunnarsson, CTO and co-founder of PAYSTRAX
The next step was establishing a strong partner network and securing initial partnerships. As demand grew, we expanded, forming new departments and growing the company. Through a unified approach, leveraging trusted partners and existing solutions, PAYSTRAX achieved profitability just five months after launching our acquiring services in 2021. The company then experienced exponential growth, doubling its headcount and opening two new offices in 2022—in Brighton (UK) and Klaipeda (Lithuania). We also witnessed a fourfold increase in transaction volume.
2023 marked our strategic entry into the UK market with the acquisition of an FCA Payment Institution license, underscoring PAYSTRAX’s commitment to consistent global growth. This milestone reshaped the company, as our team grew from 2 employees in 2019 to over 80 by 2023, reflecting our focus on building a skilled workforce that drives innovation.
“The year 2023 was a year of growth for PAYSTRAX and its infrastructure. The emphasis of the year was on building and refining our governance infrastructure at the same time as growing the business and keeping up profitability. This allowed us to restructure with a more global focus and set the stage for even greater goals in the years ahead. With the year still ongoing, I can confidently say that 2024 will be even better for us, enabling us to plan for greater scalability in the future.” – Johannes Ingi Kolbeinsson, CEO and co-founder of PAYSTRAX
Beyond financial and company growth, PAYSTRAX has established a strong presence in the market. Since 2022, we’ve been a proud member of the UN Global Compact, demonstrating our commitment to sustainable and ethical business practices. Our transparency is further highlighted by the public release of our Communication of Progress and ESG (Environmental, Social, and Governance) strategy.
PAYSTRAX is also an active player in the fintech market, participating in industry associations such as Fintech Hub Lithuania and the Payments Association UK. PAYSTRAX is as well a member of the European Association of Payment Service Providers for Merchants.
In recognition of our efforts, PAYSTRAX received several prestigious awards in 2023, including “Best Bank for Acquiring Services in Lithuania” at the Global Payments Innovation Awards and “Fintech Growth Story of the Year” at the Lithuanian Fintech Awards. Additionally, PAYSTRAX was named one of the top 10 “Most Desirable Employers of 2023,” as independently recognised by Invalda and published by Verslo Žinios. In 2024, we were selected as “Company of the Year” at the Lithuanian Fintech Awards and “Best New Payments Brand” at the Paytech Awards in the UK.
With this latest recognition as a “Top Company,” we are both proud and motivated to continue on our positive growth trajectory. We are committed to moving forward and achieving even greater success.
