On Monday, April 11th, the Estonian Financial Supervision Authority (Finantsinspektsioon) officially issued authorisation to Paywerk to operate as a payment institution.

The licence gives Paywerk the right to offer clients payment services, which include executing and accepting payments (for example card payments on the internet), money remittance, account information, and payment initiation services.

Paywerk fintech offers e-shops a convenient payment solution, where in addition to a Mastercard or Visa card payment the shopper can also pay for the ordered products later or in three parts. Buy Now, Pay Later has become extremely popular globally due to booming e-commerce. The Paywerk platform is unique in the BNPL sector, as it gives banks and other financiers the opportunity to offer Pay Later with a single simple integration. Paywerk is also the first BNPL company that has been built up as cross-border from the go. Paywerk’s first markets are Germany, Poland and Austria.

“The Paywerk payments platform connects merchants and financiers from different countries, creating a unique Buy Now, Pay Later payment service that allows to make it borderless,” comments Paywerk founder Jan Andresoo. “The Estonian Financial Supervision Authority licence allows us to work efficiently with European banks, giving them the security that money moving through Paywerk is protected.”

Paywerk was founded in April 2021 by Jan Andresoo and Priit Põldoja, co-founders are Erkki Saarniit, Jaak Erm and Rain Pikand. The Paywerk managment board consists of Jan Andresoo and Erkki Saarniit, the executive board members are Priit Põldoja, Raino Paron and Marko Varik. Investors include Taavi Kotka, Sergei Anikin, Inbank and Rain Rannu.

The Finantsinspektsioon portal lists all the authorised investment firms that are registered as supervised entities.