PAYSTRAX buys Nochex as it aims to become leading payment processing provider across UK and Europe

Payment solution provider and acquirer PAYSTRAX has announced the acquisition of UK FinTech company Nochex.

Financial terms of the deal were not disclosed.

PAYSTRAX says that the acquisition will diversify its portfolio in the UK and strengthen the company's vision to become a leading payment processing provider across the UK and Europe. It intends to retain the Nochex name and brand in the UK, along with the existing team.

Founded in 2001, Nochex is an online payment service provider, licensed as an electronic money institution by the FCA. The company operates as a payment facilitator and payment service provider.

Established in Vilnius, Lithuania, with operations in Brighton, in 2023 PAYSTRAX secured its UK payment institution licence from the FCA. Today it works with more than 800 merchants and retailers across the UK and Europe.

Johannes Kolbeinsson, CEO at PAYSTRAX, says: “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.”

“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.”

Nick Fox, Managing Director at Nochex, says: “Over the years, Nochex has focused on delivering reliable payment solutions and building lasting trust with our merchants. 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."

2025 RTIH INNOVATION AWARDS

Payments will be a key focus area at the 2025 RTIH Innovation Awards.

The awards. which are now closed for entries with our finalists and shortlists being announced last week, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering. 

For further information on the 2025 RTIH Innovation Awards, please fill in the below form and we will get back to you asap.