“Nayax chose Lithuania for its accessible regulatory environment and talent pool experienced in the field of fintech,” said Yair Nechmad, CEO, Nayax Ltd. “In order to become a Payment Institution we searched for the right conduit who would be a great partner. Bank of Lithuania (BoL) was supportive, highly secure and transparent, helping us streamline the processes that can be lengthy and complicated elsewhere” Nechmad, explains. “We worked closely with Invest Lithuania to complete the necessary tasks to establish Nayax Europe and we are extremely happy with the guidance we have received. Invest Lithuania provided us with the professional team who helped us achieve our goal.”

The Payment Institution license, issued by the Bank of Lithuania, provides Nayax with the ability to offer its services directly to more than 23 million enterprises across the EU.

Nayax operates in more than 65 countries, performing transactions in 26 currencies, via over 250,000 devices. An award-winning R&D team facilitates Nayax’s unique approach for developing both hardware and software in house. Nayax’s open platform and APIs allow for easy integration with other companies’ solutions and ERP software for a-to-z endeavours. With a complete cashless solution including telemetry and management suite, Nayax customers enjoy numerous features to improve their day-to-day operations and long-term planning. In addition, Nayax incorporates strong marketing tools in their solution. These tools allow customers to increase their revenue, improve consumer engagement and build loyalty through promotional activities and Nayax’s mobile payment app. Nayax is committed to transforming unattended machines to 24/7 retail stores with consumer engagement and IoT activities. As a global company, Nayax’s goal is to connect to all payment methods in each region, ensuring that consumers can purchase via their preferred method, wherever they are located. Nayax’s solutions are already available on the Lithuanian market via their distributor Hansab.

According to Mantas Katinas, Managing Director of Invest Lithuania, Nayax choosing Lithuania is another great example of a foreign company benefiting from the fintech-friendly regulatory environment Lithuania provides.

“Fintech players see Lithuania as the gateway to Europe – a country that opens access to the 512-million strong consumer European market faster than any other jurisdiction,” Mantas Katinas says. “This is especially the case for fintech companies from outside the EU for whom time to enter a market is crucial.”

“The fintech sector in Lithuania has entered a stage of maturity. Last year 35 fintechs started operating in Lithuania, the majority of which are young and innovative companies searching for ways to offer the services they had tried in their home markets to customers in the EU. After this wave of newcomers, we now see mature and well-known global fintech players like Nayax expressing interest in Lithuania. This consistent growth of the fintech sector will help Lithuania compete for investment from the most renowned fintech companies out there,” Virginijus Sinkevičius, Lithuanian Minister of Economy, states.