The Board of the Bank of Lithuania has granted an electronic money institution license to Curve Europe UAB, a subsidiary of Curve OS Limited, an electronic money institution licensed in the UK.
This move authorises it to issue electronic money and provide certain payment services set forth in the Republic of Lithuania Law on Payments.
Following Brexit, the activities of Curve OS will be transferred to Curve Europe UAB. The institution intends to provide electronic money services, execute payment transactions, offer cash withdrawal services, issue payment instruments, as well as provide payment initiation, account information and currency exchange services.
It will provide its services within the European Economic Area (EEA).
Having secured the license, the institution is obliged to provide the Bank of Lithuania with a copy of the agreement concluded with a credit institution, confirming proper implementation of measures for safeguarding customer funds before it starts providing the aforementioned financial services.
Curve Establishes Subsidiary in Lithuania
Curve has also announced the establishment of its subsidiary in Lithuania. The move will help Curve continue to serve customers across the EEA, following the end of the Brexit transition period, and to scale its operations.
As with many other UK-based fintech companies, Curve was searching for a European base to continue operating on the continent post-Brexit.
According to founder and CEO Shachar Bialick, Curve initially looked at countries like Ireland, Luxembourg and the Netherlands, but ultimately Lithuania made much more sense.
Shachar Bialick, Founder and CEO, Curve says,
“We chose Lithuania as a gateway to Europe because of the ease of business there, its welcoming culture and world-class AML standards. On behalf of everyone at Curve, I’d like to thank those involved in making Curve’s application a success, including the Bank of Lithuania and Invest Lithuania. I’m excited about the huge boost to the Curve platform that our license in Lithuania will give to our growth and ability to serve customers around Europe.”
Curve intends to invest in scaling up its AML, compliance and risk management operation from their Lithuanian base.
Featured image: Curve
