Paysera launches in Georgia after securing banking licence
Lithuanian fintech company Paysera has launched operations in Georgia after securing a banking licence in the country last month.
Paysera Bank’s inaugural branch in Tbilisi, Georgia
Paysera, which holds an electronic money institution licence in Lithuania, had originally applied for a banking licence in Lithuania under the name Paysera Bank in 2021 and was awaiting a decision by the second half of 2022.
It was finally granted a digital banking licence on 17 November in Georgia, reportedly making it the first digital bank in the market. According to its business model, local entrepreneurs own 100% of the bank’s shares, with Dimitry Kumsishvily, a businessman, former deputy prime minister and former minister of finance and economy, serving as the main shareholder and director.
Kumsishvily adds that by collaborating with the National Bank of Georgia, Paysera Bank “has seamlessly integrated Georgian clients into the SEPA system, enabling Euro transactions with the same ease as transactions in Georgian Lari (GEL)”.
Additionally, the company says that as of mid-December, the Central Bank of Georgia augmented Paysera Georgia’s bank licence, enabling it to provide loans in the future.
“One of the key advantages offered by Paysera is instant SEPA transfers, particularly beneficial for Georgia, a non-SEPA member,” comments Marijus Plančiūnas, the CEO of Paysera Lithuania. “This signifies a transformative shift for Georgians, enabling them to conduct European transactions swiftly and seamlessly.”
