Online payment service provider Nochex has been acquired by PAYSTRAX, a company that specialises in supporting businesses with complex payment needs.
Established in Vilnius in Lithuania and with significant operations in Brighton, the acquisition will allow PAYSTRAX to diversify its portfolio in the UK where the company had its first customers.
Founded in 2001, Nochex is one of the UK’s first online payment service providers and is licensed as an Electronic Money Institution (EMI) by the FCA. The company operates as a payment facilitator and payment service provider, offering a payment gateway orchestration platform.
“Over the years, Nochex has focused on delivering reliable payment solutions and building lasting trust with our merchants,” says Nick Fox, managing director at Nochex.
“Joining PAYSTRAX marks an exciting new phase where we can continue that commitment while unlocking new opportunities for innovation and service. It’s a strong fit for our people and our partners, and I look forward to what we’ll achieve together.”
PAYSTRAX works with more than 800 merchants and retailers across the UK and Europe and intends to retain the Nochex name and brand in the UK, along with the existing team.
“While we continue to grow through our own organic efforts, part of our long-term strategy is to expand externally as well by identifying the right opportunities to complement our business,” says Johannes Kolbeinsson, CEO at PAYSTRAX.
“Nochex has a strong brand heritage, a proven reputation with merchants, and a history of innovation as one of the first online payment service providers in the UK, and we look forward to bringing this legacy into PAYSTRAX and building on it for the future.”