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Paysera bank expands footprint in Georgia, Europe

By Gloria Mathias

December 19, 2023

  • Banking expansion
  • Banking News
  • Banking Solutions

Paysera Bank, fintech news, Fintech solutions, banking News, Georgia, Central Bank of Georgia, Georgia Europe, Banking Solutions, Banking expansion, Fintech Expansion, UK Fintech , Eurpean Union, European News,  Paysera Group , Paysera Georgia, a member of the Paysera Group, has commenced operations with the opening of its inaugural bank branch in Tbilisi.

The physical expansion of the Paysera Group into various countries is facilitated by a collaborative joint activity model. This model was successfully implemented in Georgia, where local entrepreneurs, holding 100% of the bank’s shares, introduced the Paysera brand and technology. Dimitry Kumsishvily, a businessman, serves as one of the shareholders and directors.

Marijus Plančiūnas, the CEO of Paysera LT, stated, “One of the key advantages offered by Paysera is instant SEPA transfers, particularly beneficial for Georgia, a non-SEPA member. This signifies a transformative shift for Georgians, enabling them to conduct European transactions swiftly and seamlessly. Furthermore, the expansion of Paysera creates new avenues for business development, fortifying the longstanding ties between Lithuania and Georgia.”

Dimitry Kumsishvily shared, “Paysera Bank Georgia obtained its license as the first digital bank in the Georgian market on November 17, 2023, and has promptly initiated services for both individuals and legal entities. Through our commitment to innovative business models and collaboration with the National Bank of Georgia, Paysera Bank has seamlessly integrated Georgian clients into the SEPA system, enabling Euro transactions with the same ease as transactions in Georgian Lari (GEL). This not only enhances financial accessibility but also aligns our country with the European family.”

Considering Georgia achieving candidate status for the European Union on December 14, Paysera Bank Georgia announced a special promotion for its clients. Over the next three months, Euro transfers to Europe will be offered completely free of charge, showcasing the company’s dedication to fostering financial inclusivity and reinforcing Georgia’s ties with the European Union.

In mid-December, the Central Bank of Georgia augmented the bank license held by Paysera Georgia, granting the institution the opportunity to provide loans in the future.

The expansion into Georgia marks another milestone in Paysera’s journey of providing seamless financial solutions globally.

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