PAYSTRAX Acquires UK-Primarily based Fintech Nochex

Fee answer supplier and acquirer PAYSTRAX acquired UK fintech firm Nochex, a transfer that strengthens PAYSTRAX’s place within the UK funds market and helps its European growth technique.

The acquisition will diversify PAYSTRAX’s portfolio within the UK. The corporate confirmed its intention to retain the Nochex identify and model, together with the prevailing workforce, based mostly within the UK.

Combining heritage with fashionable buying

Based in 2001, Nochex is without doubt one of the UK’s authentic on-line cost service suppliers and is licensed by the Monetary Conduct Authority (FCA) as an Digital Cash Establishment. The corporate operates as a cost facilitator and cost service supplier, providing a cost gateway orchestration platform that has served UK retailers for over 20 years.

PAYSTRAX, established in Vilnius, Lithuania, has maintained deep enterprise connections to the UK since its inception, with its first clients based mostly within the nation. The corporate, which has important operations in Brighton, secured its UK Fee Establishment Licence from the FCA in 2023. It at the moment works with greater than 800 retailers and retailers throughout the UK and Europe.

Johannes Kolbeinsson, chief govt officer of PAYSTRAX, commented on the strategic match of the acquisition: “Whereas we proceed to develop via our personal natural efforts, a part of our long-term technique is to increase externally as nicely, by figuring out the fitting alternatives to enhance our enterprise. Nochex has a robust model heritage, a confirmed repute with retailers, and a historical past of innovation as one of many first on-line cost service suppliers within the UK, and we stay up for bringing this legacy into PAYSTRAX and constructing on it for the long run.”

Nick Fox, managing director of Nochex, added: “Over time, Nochex has centered on delivering dependable cost options and constructing lasting belief with our retailers. Becoming a member of PAYSTRAX marks an thrilling new section the place we are able to proceed that dedication whereas unlocking new alternatives for innovation and repair. It’s a robust match for our individuals and our companions, and I stay up for what we’ll obtain collectively.”