London-based fintech Paysend invests in Serbia by opening its new European Technology Center in Belgrade. The new technology hub will focus on software and product development and embraces Serbia’s reputation as Europe’s next technology hotspot, with a growing community of established brands, venture capital firms and FinTech startups being drawn to the country to take advantage of its convenient location and domestically-grown, internationally acclaimed technology talent pool.
The technology sector has become a critical part of the social and economic fabric of Serbia and will be crucial to the country’s ongoing development and economic growth. Openness to innovation, willingness to adopt new ideas, and the prioritization of digital transformation have been foundational pillars for the current government of Serbia, with Prime Minister Ana Brnabić taking an active role in building close relationships with the IT industry, start-ups and entrepreneurial companies in Serbia.
“Serbia’s ability to attract leading technology and FinTech companies, like Paysend, is evidence of the strategic investments we have made in recent years to develop and strengthen the technology and startup ecosystems in Serbia” Brnabić said in a statement.
“As a global FinTech, choosing Belgrade as the location for Paysend’s primary European technology hub was an easy decision given the growing infrastructure and support that the Government of the Republic of Serbia is providing to encourage the growth of technology and start-ups. Working in partnership with the Government of the Republic of Serbia we want to help put Belgrade on the map as the next FinTech capital of Europe. We look forward to establishing ourselves in Belgrade and contributing to the goal of developing a strong, globally competitive digital economy in Serbia ” Abdul Abdulkerimov, Co-Founder and Chairman at Paysend said.
Founded in 2017 Paysend can send money to over 150 countries worldwide and has attracted 7 million consumers to its platform. It has its own global network of banks and international and local payment systems and has partnerships with the major international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor.
The fintech will look to grow its headcount in Belgrade to up to 100 people by the end of 2022.
The World Bank projects the Serbian GDP to grow by 3.2 pct in 2022 and by 2.7 pct in 2023, according to the Washington-based institution's June Global Economic Prospects, released on Tuesday (June 8).