Payment solution provider and acquirer PAYSTRAX acquired UK fintech company Nochex, a move that strengthens PAYSTRAX’s position in the UK payments market and supports its European expansion strategy.
The acquisition will diversify PAYSTRAX’s portfolio in the UK. The company confirmed its intention to retain the Nochex name and brand, along with the existing team, based in the UK.
Combining heritage with modern acquiring
Founded in 2001, Nochex is one of the UK’s original online payment service providers and is licensed by the Financial Conduct Authority (FCA) as an Electronic Money Institution. The company operates as a payment facilitator and payment service provider, offering a payment gateway orchestration platform that has served UK merchants for over two decades.
PAYSTRAX, established in Vilnius, Lithuania, has maintained deep business connections to the UK since its inception, with its first customers based in the country. The company, which has significant operations in Brighton, secured its UK Payment Institution Licence from the FCA in 2023. It currently works with more than 800 merchants and retailers across the UK and Europe.
Johannes Kolbeinsson, chief executive officer of PAYSTRAX, commented on the strategic fit of the acquisition: “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. Nochex has a strong brand heritage, a proven reputation with merchants, and a history of innovation as one of the first online payment service providers in the UK, and we look forward to bringing this legacy into PAYSTRAX and building on it for the future.”
Nick Fox, managing director of Nochex, added: “Over the years, Nochex has focused on delivering reliable payment solutions and building lasting trust with our merchants. Joining PAYSTRAX marks an exciting new phase where we can continue that commitment while unlocking new opportunities for innovation and service. It’s a strong fit for our people and our partners, and I look forward to what we’ll achieve together.”
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