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Payrexx Expands into Europe with New Subsidiary in Liechtenstein

Payrexx AG, a Swiss payment solutions provider, has established a new subsidiary, Payrexx Europe AG, in Liechtenstein. The aim is to serve merchants in Germany, Austria, and other European countries, with a focus on expanding into the European Economic Area (EEA).

Gerhard Haering, aged 62, and Helmut Bahamon, aged 35, will manage Payrexx Europe AG. Haering, with a background in IT and banking, has experience at international banks and consulting mandates. Bahamon, born in Moscow, raised in Spain, and living in Munich, brings prior experience from the automotive and banking sectors to the table.

Ivan Schmid, Managing Director of Payrexx AG, stated that the aim is to develop the European market, especially neighboring regions like Germany and Austria. Liechtenstein was chosen as a suitable base for expansion due to its location, language, and regulatory framework.

Operations in Vaduz will focus on sales and marketing, while software development will remain in Switzerland. However, no operations have started yet, as the PI license is still pending.

Payrexx has built a client base among Swiss SMEs over the past decade. Schmid, along with Michael Müller and Thomas Feldkirchner, will sit on the Board of Directors of Payrexx Europe AG.

For current information about the license status of Payrexx Europe AG, it would be advisable to contact the relevant regulatory authorities in Liechtenstein or the company itself. As Liechtenstein is part of the European Economic Area, a payment institution license allows Payrexx Europe AG to offer payment services in other EEA countries.

Haering stated that with Liechtenstein, they get the best of both worlds. The subsidiary was founded in July in Vaduz, Liechtenstein. No specific public information about the status of the European payment institution license of Payrexx Europe AG is available at this time. It is expected that the company is currently in the process of dealing with a lot of paperwork for the PI license.