PAYSTRAX is a rapidly expanding fintech company that has made significant strides over the past few years. Founded in 2018 and begun with just two employees, the company has grown to a staff of over 50 and now operates four offices worldwide, including locations in the UK, Iceland, and Lithuania. With a strong focus on technical innovation and a commitment to meeting the evolving needs of its clients, PAYSTRAX is quickly becoming an important player in the fintech industry.
Since PAYSTRAX was established in 2018 it has made significant growth in the last few years. After almost 3 years of preparation, hiring people, setting up systems and processes, setting up partner networks and connecting various 3rd party systems, the first merchants were signed up and the actual acquiring services started in the beginning of 2021. In the first year, the company reached the breakeven point after only 6 months of processing and has been cash flow positive since then. The Company showed a strong start with a progressive increase in acquiring volumes each quarter and positive EBITDA. In the period from January 2021 to December 2022, the acquiring volume increased each quarter. Last year’s increase reached 313 % over the year.
This is a significant accomplishment for any company, but particularly for a relatively new one in the highly competitive fintech sector. Positive EBITDA is an indicator of profitability, as it measures a company's earnings before interest, taxes, depreciation, and amortization. This is a crucial metric for investors and shareholders, as it provides insights into a company's financial health, ability to market its services, efficiently use technology and resources and to generate sustainable profits.
Despite its relatively short time in operation, PAYSTRAX has been recognized for its impressive growth story. This year the company won the Lithuanian Fintech Award as the Fintech Growth Story of the Year, for its outstanding achievements and contribution to the fintech industry. This award is a testament to PAYSTRAX ‘s commitment to excellence and its ability to drive technological innovation in the financial services sector.
Another significant milestone for PAYSTRAX was the opening of two new offices in 2022. With locations in the UK, Iceland, and Lithuania, PAYSTRAX has an international presence that allows it to better serve its clients and expand its reach. The decision to open new offices was based on the company's growth and expansion plans, as well as its desire to attract top talent from around the world. By having a physical presence in multiple locations, PAYSTRAX can better connect with clients, build partnerships, and tap into new markets.
PAYSTRAX’s growth is not limited to its physical presence, however. The company has also quickly expanded its offerings, developing a range of cutting-edge fintech solutions that meet the needs of its clients. The progressive business strategy allows the company to scale and grow very quickly, automate all possible processes and get the lowest possible unit prices to improve the competitive position. At the same time, new financial technology is used to gain an advantage in AML management and Due Diligence, which means the onboarding of new customers can be processed quickly and with high quality. Knowing the economics of acquiring and how all the systems work in detail gives PAYSTRAX the ability to take advantage of opportunities in the market.
To support its growth, PAYSTRAX recently moved to a new, larger office in Klaipeda (the second office in Lithuania). This move reflects the company's ambitious plans to hire more people and expand its operations in the region. By investing in its infrastructure and talent, PAYSTRAX is positioning itself for long-term success and sustainable growth.
Apart from the commitment to growth and innovation, the company also focuses on social responsibility and sustainability issues in its ESG strategy. In 2022, the company joined the UN Global Compact, a voluntary initiative that promotes sustainable and socially responsible policies and practices among businesses. This move reflects the PAYSTRAX broader commitment to being a responsible corporate citizen and its belief that businesses can and should play a role in creating a more sustainable future.
Looking to the future, PAYSTRAX has ambitious plans for further expansion and implementing technological innovation. The company is committed to building on its success and developing new solutions that meet the evolving needs of its clients. By staying ahead of the curve and embracing new technologies and trends, PAYSTRAX is well-positioned to continue its rapid growth trajectory and become a leading player in the fintech industry.