Paysera bank has opened its doors in Georgia

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Dec 18, 2023, 05:52 ET

VILNIUS, Lithuania, Dec. 18, 2023 /PRNewswire/ -- Paysera Georgia, a member of the Paysera Group, has commenced operations with the opening of its inaugural bank branch in Tbilisi. Having obtained a banking license in Georgia last year, the company is poised to provide a diverse range of financial services to the local community.

Marijus Plančiūnas, the CEO of Paysera LT, expressed enthusiasm about the strategic move, stating, "One of the key advantages offered by Paysera is instant SEPA transfers, particularly beneficial for Georgia, a non-SEPA member. This signifies a transformative shift for Georgians, enabling them to conduct European transactions swiftly and seamlessly. Furthermore, the expansion of Paysera creates new avenues for business development, fortifying the longstanding ties between Lithuania and Georgia."

The physical expansion of the Paysera Group into various countries is facilitated by a collaborative joint activities model. This model was successfully implemented in Georgia, where local entrepreneurs, holding 100% of the bank's shares, introduced the Paysera brand and technology. Dimitry Kumsishvily, a prominent businessman, serves as one the shareholders and director.

Dimitry Kumsishvily stated, "Paysera Bank Georgia obtained its license as the first digital bank in the Georgian market on November 17, 2023, and has promptly initiated services for both individuals and legal entities. Through our commitment to innovative business models and collaboration 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). This not only enhances financial accessibility but also aligns our country with the European family."

In light of Georgia achieving candidate status for the European Union on December 14, Paysera Bank Georgia announced a special promotion for its clients. Over the next three months, Euro transfers to Europe will be offered completely free of charge, showcasing the company's dedication to fostering financial inclusivity and reinforcing Georgia's ties with the European Union.

In mid-December, the Central Bank of Georgia augmented the bank license held by Paysera Georgia, granting the institution the opportunity to provide loans in the future.

As a comprehensive financial services group, Paysera offers different payment services, including over 100 payment methods for European online stores, account services, transfers, currency exchange, gold trading, and more. The group, originating in Vilnius, Lithuania, in 2004, has evolved into an international entity with a presence in nine countries: Lithuania, Latvia, Estonia, Bulgaria, Romania, Ukraine, Albania, Kosovo, and now, Georgia. The expansion into Georgia marks another milestone in Paysera's journey of providing seamless and innovative financial solutions globally.