Financial Services, Lithuania

International Internet Magazine. Baltic States news & analytics Tuesday, 17.09.2019, 11:46

Lithuanian payment co Paysera's STO falls through

BC, Vilnius, 23.05.2019.Print version
Lithuanian-owned payment services company Paysera has cancelled its security tokens offering (STO), launched two weeks ago, saying it failed to attract enough interest from investors, writes LETA/BNS.

"We have to acknowledge that the first STO in Lithuania was unsuccessful and, by the decision of all shareholders of the group, we have to exercise our right to cancel the offering after failing to reach the minimum target," Kostas Noreika, the Paysera Group's main shareholder, said in a statement on Thursday. 

Paysera expected to raise 2.5 mln euros to help finance the group's expansion in Lithuania and other European countries. 

The company planned to sell at least 1 mln securities and attract at least 1,000 new customers. 

Noreika said that despite the failure, the company will go ahead with its investment plans, but will use its retain earnings as the source of funding.  

The Paysera Group posted a net profit of 1.5 mln euros last year as revenue soared by 39% to 10.6 mln euros. 

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