Lithuania

Lithuanian Paysera Raked in EUR 13 Million in Revenue for 2020

by Fintechnews Baltic February 9, 2021

Paysera, a Lithuanian payment processor, announced that it has raked in EUR 13 million in revenue in 2020 which exceeded the revenue of 2019 by 17 percent.

The company reported that its unaudited net profit in 2020 was EUR 3.4 million, compared to a profit of EUR 2.02 million the year before.

The main activity of Paysera is e-commerce payment processing. At the end of 2020, over 12,000 e-shops, where buyers spent more than EUR 580 million for shopping last year – 50 percent more they spent in 2019 – collected payments for purchases online via the company’s system.

In 2020, similarly to the year before, clients performed EUR 4.7 million transfers via the company’s system and app. The scope of currency exchange has decreased from EUR 660 million exchanged in 2019 down to EUR 540 million.

According to Paysera, it had supplemented its infrastructure with 11 next generation intel servers to improve the quality and speed of its e-payment collections at the end of last year.

Vytenis Morkūnas, CEO of Paysera said,

Vytenis Morkūnas

“Our growth was also determined by our clients getting stronger and the economy becoming more digital. Last year was the breaking point when e-shops replaced the classic payment collection via Bank Link with a cheaper payment initiation service based on the open banking platform.

 

At the end of the year, merchants serviced by us collected approximately 70% of their turnover through payment initiation.”

said Vytenis Morkūnas, CEO of Paysera LT.

Recently, Paysera has been focusing on its international expansion in Spain and Ukraine. The firm reported that approximately 60% of funds held in the company’s accounts belong to non-Lithuanian residents.

Paysera LT is an electronic money institution (EMI) which received its license in 2012. Paysera network companies operate in Lithuania, Latvia, Estonia, Romania, Bulgaria, Spain, Kosovo, Albania, and Ukraine.