In a recent interview with Cyprus 4.0, Amit Klatchko, Co-Founder and Director of the paytech Praxis Tech, outlined the company’s significant growth and its role in bolstering Cyprus’s FinTech sector. Since its inception in 2014, Praxis Tech has processed nearly $4.5 billion in transactions in 2023 alone, marking its evolution as a major player in the payment technology domain. The company specializes in facilitating local and global transactions for online businesses.
Klatchko credits Limassol, Cyprus, for much of Praxis Tech’s success, describing the city as a burgeoning regional FinTech hub. The location was strategically chosen for its proximity to key clients in Forex and iGaming, as well as its growing pool of qualified FinTech professionals. The comparatively lower operation costs in Limassol than in other European capitals have also enabled Praxis to invest significantly in its talent.
Praxis Tech distinguishes itself with its first product, Praxis Cashier, which became a standard in the industry for Forex and iGaming operators. The company’s focus on technology-driven payment solutions, PCI DSS compliance for secure transactions, and innovative features like Smart Routing and Decline Recovery tools set it apart in the competitive landscape.
Looking ahead to 2024, Klatchko reveals plans for global expansion with new hubs in Latin America, Europe, Asia, and Africa. Praxis is also venturing into new verticals, leveraging its strong talent pool to adapt its products to a broader range of industry needs. This expansion and innovation reflect Praxis Tech’s commitment to enhancing its offerings and its contribution to Cyprus’s evolving FinTech narrative.