myTU, a Lithuania-based digital bank that utilises AI and cloud-based infrastructure, has secured €10 million in a Series A funding round, surpassing its initial target of €9 million.
The oversubscribed round was completed by existing shareholders increasing their stakes and two new strategic investors, both long-term business partners of myTU.
The latest funding values the company at over €35 million.
myTU has opted to continue without venture capital backing, prioritising sustainable growth.
In Europe, more than 13 million adults do not have access to basic banking services, while many small businesses face high costs and limited financial service options.
The infrastructure underpinning traditional banking remains expensive and complex, restricting access to efficient and affordable solutions.
myTU seeks to address this issue by providing a fully automated, cloud-first digital banking platform, integrating AI-driven financial services with remote onboarding and embedded payment solutions.
The platform offers individual and business accounts, payments-as-a-service, family banking, and a marketplace with loyalty features.
Built on proprietary core banking infrastructure, myTU aims to serve high-growth markets efficiently while maintaining low operational costs.
Raman Korneu, Co-founder and Chief Executive of myTU, said:
“The fintech landscape is shifting. Funding is harder to secure, and profitability has become the real measure of success. With this investment, we are focused on scaling sustainably and reaching break-even this year. Our technology allows us to serve millions of users with a lean team, and this efficiency is what sets us apart. We are building a banking platform that is not just digital-first, but truly digital-native.”
Prior to this funding round, myTU had raised €6 million.
The additional €10 million will be used to support product expansion, develop acquiring and lending services, and prepare for regulatory approval to obtain a full banking licence from the Bank of Lithuania.
The company expects to process over €1 billion in transactions by the end of 2025 and currently serves over 50,000 retail customers from more than 100 nationalities, alongside 200 businesses.
Over the next 12 months, myTU intends to expand its acquiring and lending capabilities, strengthen its banking infrastructure, and increase partnerships.
Featured image credit: edited from freepik
