Paysera expands to Georgia

Friday 25 November 2022 12:17 CET | News

The Paysera network of financial technology companies has announced it is expanding to Georgia, where the first Paysera bank will open its doors.

On November 17, 2022, the National Bank of Georgia granted the company 'Paysera Georgia' its 15th commercial bank licence and its first digital bank licence.

There will be two customer service centres in the country's capital, Tbilisi, with most services provided remotely. The bank will support SEPA and SEPA Instant payments, which means a large number of transfers from Georgia to Europe will reach the recipients in seconds. The bank will start providing services to clients at the beginning of 2023.

Paysera’s story began in 2004 in Vilnius, Lithuania, as a platform for online payment collection. Over time, the portfolio of services grew, and Paysera has evolved into an international network of fintech companies, which unites companies in nine countries – Lithuania, Latvia, Estonia, Bulgaria, Romania, Ukraine, Albania, Kosovo, and, from now on, Georgia.

Paysera's network of companies is expanding geographically on a franchise-like joint-venture concept, connecting companies from different countries to the network, founded and managed by experienced local entrepreneurs.

Paysera’s recent developments

In November 2022, Paysera has partnered with Airwallex to enable its clients to send money to 149 countries and nine countries’ open IBAN accounts. Paysera believes that going forward, they will be able to provide increasingly efficient services alongside its partners and aims to become a super-app that provides financial and lifestyle services within the international fintech industry.

The Paysera network of financial technology companies is expanding to Georgia, where the first Paysera bank will open its doors.

The same month, Paysera enabled businesses to carry out USD payment transfers to China. With the holiday season approaching, businesses will have the opportunity of paying for goods, commodities, and technology in USD to China-based suppliers and manufacturers. As the company has already enabled support for USD transfers to the US, with this news the company is looking to offer the same option to those importing from China, the ability to send USD to China being the result of an agreement and integration with international financial services platform, Airwallex.

Paysera product offering

Paysera is a fintech company looking to provide financial and other related services globally, in a fast, convenient, and affordable manner. Its product offering includes a payment gateway for e-shops, money transfers, currency conversion, payment cards, an event ticketing platform, finance management app, and parcel locker network, yet to be launched. Founded in 2004, the company is licensed as an e-money institution (EMI) and has 300 people working in 15 cities worldwide.

The main activity of Paysera is the processing of payments in online shops. In 2020, over 12,000 e-shops collected payments for online purchases through the company’s system and buyers spent over EUR 580 million when shopping in them. The payment network also provides a current account and money transfer services as an alternative to banks almost globally: EUR 4,7 billion was transferred through the company’s system and app last year. Clients of the fintech company use contactless Paysera Visa payment cards that can be linked with smart devices and used for paying via Google Pay, Apple Pay, and Samsung Pay.

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Keywords: banks, central bank, digital banking, banking license, expansion
Categories: Banking & Fintech
Companies: Paysera
Countries: Georgia
This article is part of category

Banking & Fintech


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