Bjarni Thor Sigurdsson, Chief Commercial Officer, PAYSTRAX
Today we're meeting Bjarni Thor Sigurdsson, Chief Commercial Officer at PAYSTRAX. PAYSTRAX is a solution-driven Payment Card Acquirer and authorised Payment Institution, trusted for its expertise, reliability, and close work with merchants & partners.
Over to you Bjarni - my questions are in bold:
Who are you and what's your background?
I am Bjarni Thor Sigurdsson, the Chief Commercial Officer at PAYSTRAX - a payment solution provider and acquirer headquartered in Vilnius, Lithuania, but with operations spread across the UK and Europe.
I grew up in Iceland and, like many Icelanders, I've had a colourful mix of jobs along the way. I've worked in a fish factory, reported for national radio, taught in schools, and even found myself on stage as an actor, opera singer and semi-professional rock musician.
My 'formal' career began in IT sales in 2001, which led to leadership roles as Director of Finance and Retail Solutions at EJS/Skyrr and then Advania. In 2013, I made the leap into fintech with KORTA PAY as Chief Commercial Officer, helping drive its fastest period of growth, including a place on the Inc. 5000 Europe list.
In 2018, I joined PAYSTRAX as CCO, reuniting with former colleagues from KORTA PAY. Today my focus is on disrupting the European payments space by combining solid infrastructure with the latest cloud-based fintech innovations - a long way from fish factories and rock bands, but just as exciting.
What is your job title and what are your general responsibilities?
As the Chief Commercial Officer at PAYSTRAX Group, I look after all the things that help the business grow, from shaping our commercial strategy and leading sales, to developing partnerships and driving our marketing.
A big part of my role is spotting opportunities in the market and making sure we're building strong, lasting relationships with customers. At its core, my job is about keeping PAYSTRAX moving forward and making sure we deliver real value to the people who work with us.
Can you give us an overview of your business?
PAYSTRAX is a fast-growing FinTech company specialising in card payment solutions for merchants across Europe and the UK. As an acquirer and payment service provider, we play an important role in the payments value chain, offering comprehensive solutions designed for businesses operating in the digital economy. Our diverse customer portfolio spans both e-commerce and POS terminal merchants, positioning us as a dynamic force in an ever-evolving industry.
Beyond traditional VISA and MasterCard transactions, we offer seamless integration with Google Pay and Apple Pay ensuring our merchants can meet the demands of today's consumers. Our commitment to innovation is reflected in our strategic partnerships with leading e-commerce platforms, helping businesses stay ahead of changing payment preferences.
With headquarters in Vilnius and additional offices in Klaipeda, Reykjavik, and Brighton, UK, we are expanding our global reach while strengthening our presence in key markets. By combining cutting-edge technology with a deep understanding of merchant needs, we are redefining payment solutions for the modern business landscape.
Tell us how you are funded?
At PAYSTRAX we have always kept things straightforward. Our philosophy has been to earn before we spend, which meant building the business on real revenue rather than relying on outside investment. It gave us the freedom to grow in our own way, and it paid off quickly. We reached break-even just six months after launch and have stayed cashflow positive ever since.
For us, the focus has never been on chasing flashy titles or trying to reinvent the wheel. It is about creating solid, scalable payment solutions that make life easier for merchants.
Our own growth is secondary to keeping our customers happy - because without them, we wouldn't be here. If we get that right, the growth takes care of itself.
What's the origin story? Why did you start the company? To solve what problems?
It's funny how time flies! It feels like just yesterday that three friends from Iceland - Johannes (CEO), Gunnar (CTO) and I arrived in Lithuania with a bold idea: To start a new payments company.
Collectively we had decades of combined expertise in this field and most importantly, a strong drive to create something new and so we officially incorporated PAYSTRAX in 2018.
For the first year, we—all grown men—rented a single house and bootstrapped the business together in Lithuania. Today, we have four international offices and more than 120 specialists working at PAYSTRAX.
Since then, we've faced everything from adapting to a new culture to navigating a global pandemic and even the impacts of wars. Despite it all, we've grown year on year, and today we're proud to lead a talented team across four countries.
Who are your target customers? What's your revenue model?
Our focus has always been on building a diverse customer portfolio that brings together both e-commerce businesses and merchants using POS terminals. This balance allows us to serve a wide spectrum of clients, from small retailers to larger enterprises, and to tailor solutions that fit their specific needs.
The strength of our online payment offering is that it is designed for businesses of all sizes, giving them a comprehensive and reliable way to meet the demands of the modern economy.
By growing across both e-commerce and in-store channels, we have positioned PAYSTRAX as a dynamic player in the UK and European payments landscape, able to adapt and add value in a market that continues to evolve.
If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?
If I had a magic wand, I would create a global company validation certification — a universal standard that banks and acquirers could rely on to instantly verify businesses.
Today, each bank must perform its own know your customer (KYC) and risk checks, which are currently fragmented, time-consuming, and inconsistent across countries. A single, trusted certification would streamline onboarding, reduce fraud, and improve compliance efficiency, benefiting both financial institutions and merchants worldwide.
What is your message for the larger players in the Financial Services marketplace?
The payments sector is constantly evolving, and customer expectations are moving just as quickly. Strategies that may have delivered strong results in the past will not necessarily resonate with customers in the future. That is why adaptability has become such a critical factor for long-term success. Newer entrants often have an edge here because they are able to pivot quickly and bring innovative ideas to market.
But innovation is not a one-off achievement; it is an ongoing process that requires constant refinement. At the heart of it all is the customer. Putting their needs first and continuing to evolve alongside them is what builds lasting loyalty and creates sustainable growth in such a competitive market.
Where do you get your Financial Services/FinTech industry news from?
As a former reporter, I am a dedicated follower of news and I read the business section of larger UK and US news sites. LinkedIn is also a great source to keep up to date on the latest dealings in fintech and payments.
Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why?
I like to follow a mix of leaders, not just from FinTech, because it is important to broaden your horizons and avoid getting stuck in a bubble. Back when I was working in IT, Michael Dell was a big inspiration for me and still is today. For marketing, I find Neil Patel a great source of ideas and insight, and Richard Branson is someone I enjoy following because he always brings a sense of fun and adventure to business.
What FinTech services (and/or apps) do you personally use?
Mostly banking apps such as Revolut. The Microsoft Power BI app is also useful so I can look at the latest sales figures in the morning and while travelling to and from work.
What's the best new FinTech product or service you've seen recently?
One of our solutions is to embed our acquiring solutions into various apps. I have seen some very exciting apps that are in development, but unfortunately it's just too soon to talk about it!
But more to come from us for sure.
Finally, let's talk predictions. What trends do you think are going to define the next few years in the FinTech sector?
It's a very exciting time for the sector! From what we have seen just this year, growth in alternative payments, embedded finance, and AI adoption might have strong effects on the industry and blockchain.
Regulation-wise, we will keep seeing the EU gold-plating regulations, but there is a chance it follows the US and UK in the trend of financial deregulation.
Thank you very much, Bjarni!
Read more about Bjarni on LinkedIn and find out more about PAYSTRAX at www.paystrax.com.