By Edlyn Cardoza
- EU financial system
The Paysera network of financial technology companies is expanding into 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 banking license and its first digital banking license.
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, meaning many transfers from Georgia to Europe will reach recipients in seconds. The bank will start providing customer services in early 2023.
Gintautas Mezetis, CEO of Paysera LT, said: “The Bank in Georgia marks a new phase in our strong 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 best trading conditions. In Georgia, we will see how fintech technologies that have been tested in Europe and used by millions of people, are applied in the traditional banking sector. We are delighted to embark on this journey with experienced local entrepreneurs who best understand the needs of the local population.”
The Paysera brand and technology will be introduced in Georgia by local entrepreneurs. One of them is Dimitry Kumsishvili, businessman and business angel, former Minister of Finance and Economy and former Deputy Prime Minister of Georgia.
“The National Bank of Georgia highlighted the sustainability of Paysera’s business model by granting Paysera Bank Georgia the first digital banking license. In this regard, having a member with a banking license benefits the Paysera network and significantly increases the capabilities of the entire group as well as Paysera’s valuation,” 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 acts as a link between the EU financial system and those countries that need 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 occupy an important place,” added Kumsishvili.
The story of Paysera begins in 2004 in Vilnius, Lithuania, when three friends – Kostas Noreika, Audrius Lučiūnas and Šarūnas Broga – start developing an online payment collection platform. Over time, the service portfolio has grown and Paysera has evolved into an international network of FinTech companies, uniting companies in 9 countries: Lithuania, Latvia, Estonia, Bulgaria, Romania, Ukraine, Albania, Kosovo and, from now on then Georgia.
In its homeland, the company holds a special place in the history of FinTech. Historically, Paysera was the first electronic money institution (EMI) in Lithuania. The company was the first in Lithuania to provide customers with 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 allow in-app purchases of gold bars and coins with the option 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.
Biz2X aims to hire around 250 people by 2023 in India