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Nochex, an online payment service provider based in Leeds, has been acquired by PAYSTRAX, a specialist in supporting merchants and retailers with complex payment requirements.
Nochex was founded in 2001 and is among the UK’s first online payment service providers. The company, which is licensed by the FCA as an Electronic Money Institution (EMI), serves as a payment facilitator and provider of payment services, operating a payment gateway orchestration platform.
In the year to December 31 2024, Nochex Limited reported turnover of around £1.5 million, up from £1.2 million in the previous year, and an operating profit of approximately £195,000, compared to a £57,000 loss a year earlier.
The acquisition enables PAYSTRAX, which was established in Lithuania and has significant UK operations in Brighton to diversify its UK portfolio. The company works with more than 800 merchants and retailers across the UK and Europe and had its first customers in the UK.
Nochex Managing Director Nick Fox commented: “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.”
Following the acquisition, PAYSTRAX intends to retain the Nochex name and brand in the UK, as well as the company’s existing workforce.
PAYSTRAX CEO Johannes Kolbeinsson said that, in addition to growing through organic means, part of the company’s long-term strategy is to also expand externally “by identifying the right opportunities to complement our business”.
He continued: “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.”
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