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Published: 22 may 2020 14:17

Paysera revenue increased by 15%, transfer turnover approached EUR 6 billion

„Paysera“ logotipas
Josvydo Elinsko / 15min nuotr. / „Paysera“ logo

One of the largest Lithuanian electronic money institutions, Paysera LT, generated EUR 11.05 million last year, which exceeded the results of the previous year by more than 15 per cent. 2.7 million transactions were carried out through the Paysera payment system throughout last year, amounting to a total of EUR 5.9 billion, the company informed in a press release.

The company's audited net profit last year reached EUR 2.02 million and was 5 per cent higher than in 2018.

"Last year's financial results were solid, and the main growth factor was the expansion to other countries," says Vytenis Morkūnas, Paysera LT CEO. This year, the Paysera network will continue to expand abroad, which means more favourable exchange rates and even more opportunities for customers in the Baltics to send money at the recipients’ domestic rates.

Among other things, last year the company acquired a business centre on Pilaitės pr., Vilnius, to which the staff moved from the previous office on Mėnulio Street. The company opened a client service centre on the first floor of the building and can now serve twice as many clients as before.

This year, when companies started moving their services online due to the lockdown, the need for Paysera LT-powered online payment gateway solutions increased.

"During the quarantine, many e-shops increased their online sales, while others went online for the first time. Because of this, for the last two months, we have been actively working to allow shoppers to pay online and merchants to accept these payments. During April, we activated our payment gateway solutions for more than 800 different e-shops in Lithuania and abroad,” says V. Morkūnas.

Last month, Paysera's payment gateway solutions were integrated by companies such as Sanitex, BENU Pharmacy, Žemaitijos Pienas, and Moki Veži.

According to the data provided by the Bank of Lithuania, at the end of the fourth quarter of 2019, Paysera LT held the largest part, which is about 16 per cent, of the electronic money issuance and payment services market. Paysera LT was also leading the electronic money market by the amount of funds held in customer accounts in the institution (over EUR 212 million), exceeding the nearest rival by approximately four times. The amount of money held by customers has increased by more than 75 per cent over the year.

Paysera LT provides a payment gateway, money transfers, currency conversion, and other payment services. More than EUR 16 million are transferred through the Paysera payment system and mobile application daily. Money remittances are available in 23 currencies and to/from 180 countries around the world. The biggest shareholder and one of the founders of the company, established in 2004, is Kostas Noreika. The Paysera corporate group has more than 250 employees in Lithuania and abroad. Paysera LT is the first fintech company to be issued an electronic money licence in Lithuania.

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