Paysera 2020: Record Audited Revenue and Profit

The fintech company Paysera had a record-breaking sixteenth year of operation. As global commerce moved online due to the pandemic, the volume of online payments processed by Paysera grew rapidly in the second half of 2020, bringing the company its best results on record. Meanwhile, the search for targeted business development directions and local partners allowed the fintech to set foot in Spain, Ukraine, Kosovo, and Albania. This is the first time Paysera network companies open their doors in four countries in one year.

Last year, Paysera's audited revenue increased by 11 per cent compared to 2019 and reached EUR 12.3 million. The audited net profit increased from EUR 2 million to EUR 3,2 million during the same period. 2020 was the company’s sixteenth profitable year in a row. 

Vytenis Morkūnas, the CEO of Paysera, notes: "Strict but necessary quarantine restrictions have pushed e-commerce to unprecedented heights globally, and we have grown along with our largest clients - online stores. We helped many stores save significant amounts of money by switching payment processing from Bank link to the open-banking based payment initiation service, which is cheaper. However, we do not intend to compete on price alone, so last year we scaled our client support capacity by opening a call centre in Colombia and expanding the one in the Philippines. This allowed us to offer 24/7 client support in English,".

Paysera ended the year 2020 with over 640K private and 60K business clients, almost 13K of which are online stores. 

The Paysera companies network is expanding internationally through a franchise-like joint venture model, connecting companies from different countries, established and managed by local entrepreneurs with extensive expertise. Last year, the geographical expansion was particularly successful, with network companies launching in Spain, Ukraine, Kosovo, and Albania. 

“One year, four new states on our map, completely different challenges for the companies, which we solve through teamwork. We are glad that we are becoming an ecosystem in which the members of the Paysera network who have joined previously already share their experience and know-how with newcomers,” comments V. Morkūnas. 

Over the next few years, Paysera aims to gradually move existing and new services into a super app. 

“By 'super app' we mean a single platform on a smartphone that hosts all payment-related features and more. We aim to create a single app where you can order parcel pickup and delivery with a few clicks, order food, call a cab, pay bills and taxes, view your accounts with other banks, or write a message to friends. At present, we plan to hire over 30 developers, part of which will be allocated to achieving this goal,” explains V. Morkūnas.