Nayax UK Establishes Nayax Financial Services Limited with Full FCA Compliance

Rhea-AI Summary

Nayax Ltd. has established Nayax Financial Services Ltd., a financial entity authorized by the United Kingdom Financial Conduct Authority. This move solidifies Nayax as a global financial services company. The new entity will be led by Lewis Zimbler, General Manager of Nayax UK and CEO of Nayax Financial Services Ltd. Nayax customers in the UK will not experience any changes in their business operations.

HERZLIYA, Israel, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Nayax Ltd. (Nasdaq: NYAX; TASE: NYAX), a global commerce enablement and payments platform designed to help merchants scale their business, today announced that it has established Nayax Financial Services Ltd., a financial entity with authorization from the United Kingdom Financial Conduct Authority (FCA). Nayax Financial Services Ltd. further establishes Nayax as a global financial services company.

Nayax Financial Services Ltd. will be run by Lewis Zimbler, General Manager, Nayax UK, and a Board of Directors that includes Paul Morgan, Director of Sales at Nayax UK, David Ben Avi, Co-Founder and CTO of Nayax, and Yair Nechmad, Co-Founder and CEO of Nayax. Nayax Financial Services Ltd. is supported by a governance committee focused on customer duty, compliance and corporate governance.

Direct authorization as a Payment and Electronic Money Institution enables Nayax in the UK to support its customers and develop services with the re-assurance that those services are designed to meet customer and regulatory standards and protections. Nayax customers in the UK will not experience any change in their business. All funds and processes will be seamlessly transferred from Nayax UAB's office in Lithuania to Nayax Financial Services Ltd. and Nayax customers will be notified directly of such changes as they apply.

"Becoming fully FCA compliant secures Nayax's UK operations in the long term," says Lewis Zimbler, General Manager of Nayax UK and CEO of Nayax Financial Services Ltd. "The establishment of Nayax Financial Services Ltd. helps further establish Nayax as a global financial institution that acts as a fully compliant payment facilitator, simplifying processes for its customers while ensuring that they stay ahead of the curve."

About Nayax

Nayax is a global commerce enablement and payments platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and consumer engagement tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers' growth across multiple channels. Today, Nayax has 9 global offices, approximately 800 employees, connections to more than 80 merchant acquirers and payment method integrations and is a recognized payment facilitator worldwide. Nayax's mission is to improve our customers' revenue potential and operational efficiency. For more information, please visit www.nayax.com.

Public Relations Contact:
Courtney Tolbert
5W PR
ctolbert@5wpr.com

Investor Relations Contact:
Virginea Stuart Gibson
Vice President, Investor Relations
virgineas@nayax.com

FAQ

What is the name of the new financial entity established by Nayax Ltd.?

The new financial entity is called Nayax Financial Services Ltd.

Which regulatory authority has authorized Nayax Financial Services Ltd.?

Nayax Financial Services Ltd. has been authorized by the United Kingdom Financial Conduct Authority (FCA).

Who will be leading Nayax Financial Services Ltd.?

Lewis Zimbler, General Manager of Nayax UK, will lead Nayax Financial Services Ltd.

What impact will this announcement have on Nayax customers in the UK?

Nayax customers in the UK will not experience any changes in their business operations.

What is the goal of establishing Nayax Financial Services Ltd.?

The establishment of Nayax Financial Services Ltd. helps further establish Nayax as a global financial institution that acts as a fully compliant payment facilitator.