Lithuanian fintech Paystrax has acquired Nochex, a UK-based payment service provider, in a strategic move to strengthen its position within the UK payments market.

Paystrax has been operating in the UK since 2023, after receiving a Payment Institution licence from the Financial Conduct Authority (FCA) in May of that year. The company currently provides payment processing solutions to approximately 800 merchants across Europe, which include point-of-sale terminals, online payment gateways, and mobile payment solutions.

Nochex, established in 2001 as an FCA-authorised Electronic Money Institution (EMI), is recognised as one of the UK’s first online payment service providers. It brings over two decades of market experience and an established customer base of UK merchants to Paystrax.

Following the acquisition, Paystrax stated that the Nochex brand and team will remain in place, continuing operations under its existing name. Johannes Ingi Kolbeinsson, co-founder and CEO of Paystrax, commented on Nochex’s “strong brand heritage” and “proven reputation with merchants.” Kolbeinsson added that while Paystrax continues its organic growth efforts, external expansion through identifying complementary opportunities is a key part of its long-term strategy.