Paysera expands to Georgia

By Edlyn Cardoza

today

  • EU financial system
  • FinTech
  • Georgia

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 Paysera Georgia its 15th commercial banking license and its first digital banking license.

There will be two customer service centers in the country’s capital, Tbilisi, where most of the services will be provided remotely. The bank will support SEPA and SEPA Instant payments, which means many transfers from Georgia to Europe will reach recipients in seconds. The bank will start providing services to customers in early 2023.

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

Paysera brand and technology will be introduced in Georgia by local entrepreneurs. One of them is Dimitry Kumsishvili, a businessman and business angel, former Finance and Economy Minister and former Deputy Prime Minister of Georgia.

“The National Bank of Georgia has highlighted the sustainability of Paysera’s business model by granting the first-ever digital banking license to Paysera Bank Georgia. In this regard, the Paysera network benefits from having a member with a banking license and significantly increases the capabilities of the entire group, as well as Paysera’s rating,” he 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 customers. “Paysera serves as a link between the EU financial system and the countries that need access to it. Meanwhile, it is worth noting 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 occupy an important place,” added Kumsishvili.

Paysera story began in 2004 in Vilnius, Lithuania, when three friends – Kostas Noreika, Audrius Lučiūnas and Šarūnas Broga – started developing an online payment collection platform. Over time, the service portfolio grew and Paysera has grown into an international network of FinTech companies, uniting companies in 9 countries – Lithuania, Latvia, Estonia, Bulgaria, Romania, Ukraine, Albania, Kosovo and now Georgia.

In its home country, 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 offer customers the ability to open an account remotely, the first to offer payments by scanning a QR code, and in 2020 the first fintech company to offer in-app Purchases of gold bars and coins made possible with the option of personal collection.

Paysera’s business network is expanding geographically according to a franchise-like joint venture concept that connects companies from different countries to the network established and managed by experienced local entrepreneurs.

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