Dutch Fintech Hyarchis Has Opened Second Office in Lithuaniaby Fintechnews Baltic June 16, 2022
Today, the Dutch financial technology (Fintech) company Hyarchis announced that it is expanding and opening a new office in Vilnius. The company’s first Lithuanian branch has been operating in Kaunas since 2018.
The office in the capital will serve as a new product development center, with the primary goal of providing cloud-based document and data management solutions for the financial sector. Hyarchis intends to hire more than 20 specialists over the next three years.
Hyarchis develops document and data management software for the financial sector. The company’s products are used by more than 55,000 customers across Europe. Kaunas currently has a team of 32 developers, data scientists, human resources, and marketing experts.
“The opening of an office in Vilnius marks the beginning of our company’s ambitious expansion in Europe. In the near future, we also plan to open offices in Belgium and Germany. However, we’ve chosen to begin our journey in Vilnius, which is arguably Europe’s fastest-growing financial technology hub. The investment climate in Lithuania is especially favorable, and Lithuanians have an outstanding work ethic. I can’t think of a better location to launch the company’s expansion than Vilnius.”
Adriaan Hoogduijn, CEO of Hyarchis
The Vilnius division will serve as the company’s new product development center, focusing on regulatory technology (Regtech) solutions. Today, the main task of the headquarters is to develop a solution that will assist banks in complying with the requirements of the Basel IV agreement on customer due diligence, which will enter into force in 2027. To achieve its goals, the company will employ over 20 employees: developers, data scientists, quality assurance engineers, security engineers, DevOps (Development & Operations) and marketing specialists.
“The system will help financial service providers manage the entire know your customer (KYC) lifecycle. For the financial sector, this means enhanced customer data visibility, more effective customer risk assessment, and operational data management in the face of changing regulatory environment,”
According to Elijus Čivilis, General Manager of Invest Lithuania, the company’s growth in Vilnius demonstrates that Lithuania’s favorable investment climate and abundant talent pool are more than sounding words – they are a fulfilling reality.
“Hyarchis has already managed to see firsthand the dynamics of the Lithuanian technology ecosystem and ambitious local professionals, and has decided to expand here. I am confident that Lithuania will assist the company in continuing to adopt innovative Regtech solutions and achieving even greater goals,”
says Elijus Čivilis.
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