Paysera increases equity capital to 18 million EUR, clients will be able to keep more funds in their accounts for free
Paysera, a financial technology company that processes e-commerce transactions and provides payment services, has increased its equity capital from 11 million EUR to 18 million EUR.
The equity capital was increased through contributions from existing and new shareholders (6.6 million EUR) and funds (1.5 million EUR) raised through a private placement of subordinated bonds.
"Electronic money institutions are generally subject to a 2% equity capital requirement on the amount of money kept by clients in the last 6 months. As the volume of clients and the amount of money being kept is constantly and rapidly growing, we have increased our equity capital in order to be able to hold an average of 900 million EUR instead of 500 million EUR. We have raised our equity capital to a level where we can have a reserve for the future," says Gintautas Mežetis, CEO of Paysera.
This increase is also significant for the company's clients, as it will allow clients to keep larger than previous amounts of money in their accounts free of charge.
From now on, private clients will be able to keep 100 000 EUR in their accounts free of charge (previously it was 10 000 EUR), while business clients will be able to keep 500 000 EUR (previously 50 000 EUR). Once they exceed this limit, clients will continue to be charged an annual fee of -0.5%, calculated on the average amount exceeding this limit per calendar month.
Paysera is the largest electronic money institution (EMI) in Lithuania both in terms of total payment transactions and the amount of money held by clients in their accounts, according to the Bank of Lithuania's data for Q3 of 2022. Established in Vilnius in 2004, the company became the first-ever EMI in Lithuania in 2012. Over time, the range of services has expanded and Paysera has grown into an international network of fintech companies, with over 400 employees in 15 cities worldwide. The company's main business in the Baltics is payment processing for e-shops, while outside the Baltics – mostly money transfers, in-app currency conversions, and online banking.