Swiss payment solutions provider Payrexx AG has established its first subsidiary, Payrexx Europe AG, in Liechtenstein to expand into the European Economic Area (EEA).

The company aims to serve merchants in Germany, Austria, and other European countries after securing a European payment institution license (PI license).

The subsidiary, founded in July in Vaduz, will be managed by Gerhard Häring and Helmut Bahamon.

Both executives, previously based in Thun where Payrexx has operated for ten years, will oversee operations in Liechtenstein.

“With Payrexx Europe AG, we want to develop the European market in a targeted manner, especially the neighboring regions such as Germany and Austria,”

said Ivan Schmid, Managing Director of Payrexx AG.

Securing a PI license remains the key step before operations can begin.

“We are currently deep in a paperwork war,”

said Häring.

Payrexx has built a client base among Swiss SMEs over the past decade and offers merchants tools for online and in-person payments.

The company sees Liechtenstein as a suitable base for expansion given its location, language, and regulatory framework.

“With Liechtenstein, we get the best of both worlds,”

Häring said.

Häring, 62, has a background in IT and banking, with experience at international banks and consulting mandates.

Bahamon, 35, was born in Moscow, raised in Spain, and lived in Munich, with prior experience in the automotive and banking sectors.

Schmid, along with Michael Müller and Thomas Feldkircher, will sit on the Board of Directors of Payrexx Europe AG.

Operations in Vaduz will focus on sales and marketing, while software development will remain in Switzerland.

Featured image credit: Payrexx