Paystrax
- Founded
- 2018-01-01 in Vilnius, Lithuania
- Headquarters
- Vilnius, Lithuania
PAYSTRAX is a direct Visa and Mastercard acquirer and a licensed Payment Institution in both the European Economic Area and the United Kingdom. Founded in 2018 in Vilnius, Lithuania, by Icelandic entrepreneurs Jóhannes Ingi Kolbeinsson and Gunnar Már Gunnarsson, the company provides European and UK merchants with end-to-end payment acceptance solutions for online, in-store, and mobile channels. Holding Principal Membership with both Visa and Mastercard, PAYSTRAX is authorised by the Bank of Lithuania and the UK’s Financial Conduct Authority, with its EU licence passported across all EEA countries. The firm operates from five European offices – Vilnius (HQ), London, Reykjavik, Klaipėda, and Leeds – and employs more than 150 professionals. Its platform supports multi-currency payments in 17 settlement currencies, stablecoin settlements, Apple Pay, Google Pay, and a payment orchestration layer that centralises transaction routing, risk management, and fraud prevention. Recognised in the Financial Times FT1000 2026 ranking as one of Europe’s fastest-growing companies, PAYSTRAX serves over 1,500 merchants and partners with more than 50 institutions.
Detailed Review
History and Founding
PAYSTRAX was founded in 2018 in Vilnius, Lithuania by Icelandic fintech veterans Jóhannes Ingi Kolbeinsson (Group CEO) and Gunnar Már Gunnarsson (Group CTO). Kolbeinsson had previously co-founded KORTA PAY (now RAPYD Europe) in 2002, a payment service provider that revolutionised the Icelandic market. The founders chose Lithuania for its progressive fintech ecosystem and regulatory clarity, obtaining a Payment Institution licence from the Bank of Lithuania and later an equivalent licence from the UK’s Financial Conduct Authority. The company is a Principal Member of both Visa and Mastercard, enabling it to acquire transactions directly rather than through an intermediary.
Technology & Platform
PAYSTRAX offers a cloud-based payment orchestration platform that centralises transaction routing, risk management, and settlement. Key capabilities include an online payment gateway with full PCI DSS compliance and multiple integration methods (API, hosted page, etc.), POS terminals for in-store acceptance, multi-currency processing authorising and settling in 17 currencies, and support for alternative payments such as Apple Pay, Google Pay, and stablecoin settlements. The payment orchestration layer routes transactions across acquirers and methods to optimise cost and success rates, while a multi-layered fraud prevention system provides real-time monitoring and expert support. The infrastructure is built on modern cloud technology, allowing customised add-ons and efficient scaling.
Licensing & Compliance
The company holds Principal Acquiring Licences from both Visa and Mastercard, a Payment Institution Licence from the Bank of Lithuania, and an FCA Payment Institution Licence in the UK, with the EU licence passported to all EEA countries. PAYSTRAX is fully PCI DSS compliant and is a member of the United Nations Global Compact, reflecting its ESG commitment. This regulatory footprint enables it to operate as a direct acquirer across Europe and the UK.
Market Presence & Recognition
PAYSTRAX serves over 1,500 merchants and partners with more than 50 institutions across the EEA and UK. By the end of 2025 it had grown to over 150 employees, with offices in Vilnius, Klaipėda, London, Reykjavik, and Leeds (the latter added through the 2025 acquisition of Nochex, one of the UK’s first online payment service providers). The company plans to create up to 150 new fintech jobs in Lithuania over three years from 2026. It has been recognised in the FT1000: Europe’s Fastest-Growing Companies 2026 (ranked 148th) and won several industry awards including Best New Payments Brand 2024 and Company of the Year 2024. PAYSTRAX actively participates in major industry events such as Money20/20, ICE Barcelona, SiGMA, and iFX EXPO, and produces a podcast called PAYSTRAX TALKS. Its LinkedIn community surpassed 6,000 followers in 2025.
Key Products
Online Payment Gateway
Secure, PCI DSS-compliant gateway for e-commerce merchants; supports multi-currency and multiple payment methods.
POS Payments
In-store card acceptance via advanced point-of-sale terminals, customisable to business requirements.
Customised Payment Solutions
Tailored packages combining online, mobile, and in-store channels with bespoke integrations and risk management.
Multi-Currency Processing
Authorisation and settlement in major currencies to optimise international revenue.
Risk & Fraud Management
Multi-layered fraud prevention and PCI DSS-compliant infrastructure with a dedicated risk team.
ACI Pay by Link (planned)
White-label solution generating URL/QR codes for payment requests via email or SMS.
Multi-Currency Acceptance
Authorisation and settlement in popular currencies to enable international sales.
Pay by Link (ACI)
White-label solution that generates a URL or QR code for merchants to send to customers for payment completion.
Akurateco Payment Hub (Partnership)
Integrated payment hub for accessing fast, reliable, fully licensed acquiring through PAYSTRAX’s platform.
ACI Payments Orchestration Platform (White Label)
Core processing engine providing connectivity to global payment methods, token vault, and one-click payments.
Payment Orchestration Platform
Centralised transaction routing and management across acquirers, methods, and currencies to optimise cost and success rates.
Multi-Currency Settlements
Support for 17 settlement currencies (EUR, USD, GBP, CHF, etc.) and all ISO currencies for processing.
Alternative Payment Methods
Supports Apple Pay, Google Pay, and stablecoin settlements.
Nochex
UK-based online payment service provider acquired in 2025, operating as a PAYSTRAX brand in Leeds.
Offices & Headcount
150 employees (approx.)
Key Persons
Jóhannes Ingi KolbeinssonGroup Chief Executive Officer & Co-founder
Gunnar Már GunnarssonGroup Chief Technical Officer & Co-founder
Bjarni Þór SigurðssonChief Commercial Officer