Lithuania

ArcaPay Granted Payment Institution License by Bank of Lithuania

by Fintechnews Baltic April 16, 2021

ArcaPay UAB, the subsidiary of ArcaPay, a UK-based and FCA regulated cross-border payments platform, has been granted a payment institution license by the Bank of Lithuania.

The company, founded in London in 2011, is opening a new base in Lithuania and announced post-Brexit expansion plans.

By establishing a base in an emerging fintech center in Vilnius, Lithuania, ArcaPay expects to penetrate Lithuanian, Latvian, Polish and Scandinavian markets.

The new entity will be headed by Virginijus Kausas, who has played a key role in ArcaPay’s expansion in the EU in recent years.

ArcaPay specialises in cross-border payments, foreign exchange and currency risk management solutions for small and medium sized businesses.

Marius Bausys

Marius Bausys, Founder of ArcaPay said,

“In light of Brexit, the new license will provide regulatory certainty to us and our clients.

 

It also ensures that we are well-positioned to maintain a rapid growth pace in target EU countries.”