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Paysera expands to Georgia

By Edlyn Cardoza

November 25, 2022

  • EU Financial System
  • FinTech
  • Georgia

Paysera, National Bank of Georgia, FinTech, EU Financial System, SEPA, SEPA Instant Payments, Georgia, USAThe Paysera network of financial technology companies 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 centers in the country’s capital, Tbilisi, with most services provided remotely. The bank will support SEPA and SEPA Instant payments, which means many transfers from Georgia to Europe will reach the recipients in seconds. The bank will start providing services to clients at the beginning of 2023.

Gintautas Mezetis, CEO of Paysera LT, said, “The Bank in Georgia marks a new phase of our determined development. It is the first bank in our network, so we are eager to start operations in a country that ranks very high in the ‘Doing Business’ ranking of the best business conditions. In Georgia, we will witness how fintech technologies that have been tested in Europe and used by millions of people, are being applied in traditional banking. We are delighted to be taking this path with experienced local entrepreneurs who best understand the needs of local people.”

The Paysera brand and technology will be introduced to Georgia by local entrepreneurs. One of them is Dimitry Kumsishvili, a businessman and business angel, former minister of finance and economy, and former vice prime minister of Georgia.

“The National Bank of Georgia highlighted the sustainability of the Paysera business model by granting Paysera Bank Georgia the first-ever digital banking licence. In this connection, having a member with a banking licence benefits the Paysera network and significantly increases the capabilities of the entire group, as well as the valuation of Paysera,” said Dimitry Kumsishvili, co-owner, and CEO of Paysera Georgia.

According to Kumsishvili, the bank’s business model is based on integration with the EU financial system and includes, but is not limited to, providing innovative products to its clients. “Paysera serves as a connecting link between the EU financial system and those countries who have a need for access to it. Meanwhile, it is worth mentioning that the banking system in Georgia is highly developed and competitive, and even in this competitive market I have no doubt that Paysera Bank Georgia will take an important place,” added Kumsishvili.

Paysera’s story began in 2004 in Vilnius, Lithuania, when three friends – Kostas Noreika, Audrius Lučiūnas, and Šarūnas Broga – began to develop 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 9 countries – Lithuania, Latvia, Estonia, Bulgaria, Romania, Ukraine, Albania, Kosovo, and, from now on, Georgia.

In its homeland, the company holds a special place in FinTech history. Historically, Paysera was the first electronic money institution (EMI) in Lithuania. The company was the first in Lithuania to provide clients with the possibility to open an account remotely, the first to offer payments by scanning a QR code, and, in 2020, the first fintech company to allow in-app purchases of gold bars and coins with the possibility to collect them in person.

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.

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