Swiss iSun acquired Foxpay

Lithuanian capital electronic payment company Foxpay has been acquired by the Swiss group iSun, as a banking services platform, extending its potential to international markets. The Ellex Valiunas lawyers represented the acquirers before the Bank of Lithuania.

The transaction is expected to contribute to improving products and services in the financial sector in Lithuania and open up opportunities for additional investment in the country’s fintech sector.

Headquartered in Switzerland, iSun has been expanding its operations in Lithuania for the past four years, developing high-quality financial products. Successful projects of the company include GlobalPass, a KYC electronic identification tool that enables automatic identification of identity documents and biometric data analysis, SwissMoney, a one-stop payment platform that allows access to accounts with different payment institutions, depositing of funds, and paying with physical and virtual payment cards.

Foxpay, which has been operating since 2009, manages a mobile wallet of the same name, develops payment collection systems for e-shops and businesses and provides self-service payment terminal rental services. Foxpay is one of the iSun Group’s strategic investments to strengthen electronic payment services. This technology is aimed at offering consumers unparalleled products on the market, both in anti-money laundering and in the architecture of banking systems.

The project was implemented by the Ellex Valiunas’ Banking and Finance practice team: partner Ieva Dosinaitė, associate partner Julija Šlekonytė, associate Domantas Gudonis and expert Eglė Kontautaitė.