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Startup Wise Guys Announce Partnership With EBRD for Upcoming Fintech Program

The European Bank for Reconstruction and Development (EBRD) becomes partners of Startup Wise Guys (SWG) fourth Fintech accelerator program starting in autumn 2020 in Vilnius, Lithuania. This program provides investment of up to 100K EUR and an up to 5 months intensive full-time accelerator program with the focus on Fintech topics. Applications are open and international startups with initial traction and tackling Fintech, PropTech, InsurTech, analytics, RegTech, cyber security areas are welcome to join. Selected startups can receive up to 100K EUR total investment depending on their traction with a follow-on possibility of up to 250K EUR, and intense mentorship…

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Development of the Bank of Lithuania’s Digital Collector Coin Has Entered Its Final Phase

The world’s first blockchain-based digital collector coin (LBCOIN) created by the Bank of Lithuania as well as its e-shop have entered the final testing phase. Upon its successful completion, the digital coin should be issued by July 2020. “LBCOIN is based on innovative and sophisticated solutions. Therefore, it has to be tested at various angles, for example, in terms of functionality, personal data protection and resilience to cyber risks. During this final phase, the Bank of Lithuania has certainly gained some extremely valuable experience and insights,” said Pavel Lipnevič, manager of the LBCOIN project at the Bank of Lithuania. The…

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Spell Helps Banks to Optimise and Scale Payments

Spell has partnered with Luminor to support them in growing their payments business across the Baltic region. Spell’s white-label platform will enable Luminor’s processing center to accelerate payment processes and significantly scale its volume of payments. “Luminor is delighted to partner with Spell. With their support, we are able to significantly scale our payments operations, effectively allowing us to compete with advanced fintechs in terms of speed and efficiency. It is important for us to have an agile, flexible and future-proof solution, and Spell’s platform hits all of these requirements,” said Justas Noreika, Head of Acquiring and E-commerce at Luminor.…

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Payment Link Your Door to the Online Business in the Baltics and Beyond

It always seems impossible until it’s done, said Nelson Mandela. And a process of moving business online can definitely relate to this statement. Even a thought of it makes you freeze of the number of associated unknowns. Where to find developers to make a website, how long does it take to make one, what would be the costs associated with it, is it worth it, at all… To ease the minds of all entrepreneurs who are new to online business we have prepared an alternative path which would have zero unknowns. Clear and simple way, following which you will be…

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Revolut Bank Launches in Lithuania

Four years ago, Revolut set out to build a new kind of bank. The kind of bank that solves your problems and treats you fairly. And starting today, Revolut takes the first step as they launch Revolut Bank to their 300,000 customers in Lithuania. Upgrade to the bank in minutes Lithuanian customers upgrade to Revolut Bank in a matter of minutes. Simply update to the latest version of the app, and follow the instructions from the news banner on the main app screen. The whole process should only take a few minutes. Deposit protection up to €100,000 Lithuanian customers who…

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The Board of the Bank of Lithuania has revoked the payment institution licence held by Bruc Bond, UAB (formerly UAB Moneta International). Such a decision has been taken in view of non-compliance with the requirements pertaining to its existing licence and serious infringements of legislation regulating the prevention of money laundering (ML) and terrorist financing (TF), as well as inadequate safeguarding of customer funds and the provision of incorrect information to the Bank of Lithuania in its supervisory reports. The institution can no longer provide payment services and must return the funds received to its customers. “In response to the…

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Call-Out To Estonian Startups Looking To Raise €250K Or More

The emergency situation, remote working, the aim of avoiding physical contacts are making companies to adapt their products and services to the current situation. Estonian startup sector has responded fast and vigorously to the changing socioeconomic situation caused by the coronavirus pandemic, offering many innovative solutions to keep life and business going worldwide. Estonian Investment Agency (Invest Estonia) has a team around the world that can help to track down suitable VC’s and bring you all together. “We want to support Estonian startups during the crisis and help them bring in new investments that exceed 250,000€. So, Estonian startup, if…

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Mambu, an innovative cloud platform for banks, Fintechs and financial service providers, is establishing an engineering centre in Lithuania. The new Vilnius team, which is expected to grow to 100 employees within 3 years, will serve as one of the company’s prime engineering centres and play a key role in product development. Established in Germany, Mambu currently has nearly 300 employees spread across the globe and offices in Berlin, Amsterdam, Dresden, Iași, London, Miami, Singapore, Sydney, and soon Vilnius. The company began as a provider of banking technology to microfinance institutions. It quickly grew to become a major SaaS banking…

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Coronavirus- Wisefund Offers Funding Relief To European Based Businesses

As the global Covad-19 Coronavirus Pandemic starts its streak across Europe, businesses both large and small are bracing for the imminent problems that are forthcoming. This is not a slow process, as it is hitting world economies quickly and hard. People will, and are, losing their jobs, their homes, their assets and life savings. It is time to pull out all the stops and fight for survival. Citizens of the world will unite to help each other and this is what is taking place right now within “wisefund”. Wisefund announced on March 17 that it will provide an option to…

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Xolo Launches Seamless Banking in Cooperation with Wirecard

Xolo will offer all new customers of Xolo Leap a fully-licensed German bank account, available online through the platform. The banking functionality is provided by Wirecard. This removes the last obstacle for a quick and seamless launch of an EU company through Estonia’s unique e-Residency program. Previously, the customers either needed to travel to visit the bank or opted for using e-money providers such as TransferWise. Now, they can get a fully-licensed bank account online through Xolo. Solopreneurs who are launching their companies through Xolo can now apply for and get a bank account fully online, including passing the know-your-client (KYC) process.…

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Estonian Real Estate Crowdfunding Aggregator Wins Fintech Battle Pitch Competition at TechChill

Leading startup and tech conference in the Baltics TechChill sets records and gathers over 2300 attendees from across the globe. Estonian startup wins TechChill 2020 pitch competition and receives the main prize. The lucky winner took home 10 000 EUR, no strings or equity attached, got fast-tracked to Startup World Cup finals in San Francisco and AWS credits worth 10 000 USD. Adact, Hugo.legal, VeritaCell all received 100 000 EUR total soft commitment by a syndicate of Latvian Business Angel Network LatBAN. TechChill has been a place for startups to gather and meet investors for already nine years now, and…

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Bank of Lithuania Approved The Sample Of The World’s First Digital Collector Coin

The Board of the Bank of Lithuania has approved the sample of the physical version of the digital collector coin – an original silver coin bearing a denomination of €19.18 to commemorate the year of the Act of Independence of Lithuania. LBCOIN is dedicated to this prominent Act and its 20 signatories. The size and form of the physical silver coin resembles a credit card, depicting the Act of 16 February 1918 as well as a digitised picture of the Council of Lithuania. The latter consists of more than 36,500 pixels – the approximate number of days that have passed…

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World’s First Digital Collector Coin to Feature Signatories of the Act of Independence

The world‘s first blockchain-based digital collector coin created by the Bank of Lithuania is dedicated to the 16 February 1918 Act of Independence of Lithuania and its 20 signatories. The coin is expected to be issued in spring 2020. “This innovative coin will feature the signatories due to their significant role in the country’s history and contribution to the restoration of our independence. Quite a few of them could be called innovators of their time, as they created and brought progress to Lithuania,” said Marius Jurgilas, Member of the Board of the Bank of Lithuania. According to him, realisation of…

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Last Stages of LBChain Sandbox Development: Final Testing to Proceed with IBM and Tieto

The Bank of Lithuania has chosen IBM Polska and Tieto Lietuva, UAB to proceed to the next stage of its endeavour to create LBChain, a blockchain-based technological platform. The winner of the project will be revealed after the final testing session, which is to begin soon. To this end, the Bank of Lithuania issued an open call for fintechs and startups to register their interest in participating in the testing phase. “The final testing session will show which solution is most suitable for market needs. We believe that the greatest advantage of LBChain is its versatility. We strive to create…

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The Bank of Lithuania has issued the Guidelines on Security Token Offering (STO) which provide greater regulatory clarity and aim at higher investor protection. “The current focus on security token offerings is taking over the waning interest in initial coin offerings (ICOs). Businesses are interested in this particular way of raising capital as an alternative to bank lending. The Guidelines on Security Token Offering are aimed at explaining our position in this regard rather than creating new regulatory arrangements. In a strict regulatory environment, such as the securities market, it becomes crucial to set rules in order to avoid any…

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The Largest Fintech Conference in Northern Europe in Lithuania this November

European and global fintech companies, investors and everyone interested in the latest financial technology will turn their attention to Lithuania. Here the largest financial technology conference Fintech Inn in Northern Europe and the Baltic States will be held for the 4th year in a row. With over 60 speakers presenting the latest and hottest fintech trends, the event is expected to attract over 3000 participants representing more than 500 companies worldwide. “This year we have invited a very impressive group of speakers from all over the world – from the USA and Canada to Germany, China and Brazil. This is…

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Tradeshift Frontiers and Monerium Settle the World’s First Invoice With Smart Contracts and Licensed Digital Cash

Tradeshift and Monerium announce the successful completion of a transaction that marks a major step forward in business payments and finance. Using Tradeshift’s platform and smart contracts on the Ethereum blockchain, Icelandic retailer Nordic Store purchased goods from IKEA Iceland and settled an e-invoice with Monerium’s programmable digital cash. Future of business payments is now operational With the transaction, Monerium and Tradeshift prove government-regulated, programmable e-money is ready for mainstream markets. A new category of blockchain-powered payments is now a reality. “Programmable money regulated by governments will become the foundation for e-commerce payments because they enable so called ‘smart contracts.’…

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Railsbank is Expanding its Vilnius Engineering Team

Railsbank, a London-based leading global open banking and RegTech platform that has opened an office in Vilnius in 2018 announces that it has raised $10m in a Series A funding round, led by Moneta Capital and joined by CreditEase, Clocktower Technology Ventures, Singapore Life and existing investors including Firestartr. Railsbank is growing fast and currently expanding the Vilnius engineering team. Railsbank is an API based financial innovation and growth platform, designed for developers and product managers to rapidly conceptualise, prototype, build, launch and scale a financial services business, whether it be in one country, or around the world. Team in…

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From now on, Paysera VISA payment cards can be linked to Google Pay and Samsung Pay to purchase goods and services simply by holding a smart device to a contactless card reader. “Mobile payments are not a new thing – the whole payments market is moving towards making payments as easy as possible. Mobile payments give you freedom: you can forget about your wallet, your payment card, or your PIN. All you need is a smart device that supports NFC functionality and a contactless card reader”, says Vytenis Morkūnas, CEO of Paysera LT. “By enabling our clients to pay this…

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Stripe Launches in Eight more European Countries

Stripe officially launches its services in Estonia, Latvia and  Lithuania helping internet businesses in these countries to start, grow, and scale their business globally and accept money from anywhere in the world.  They also started their services in five other countries: Greece,  Poland, Portugal, Slovakia, and Slovenia. “Central and Eastern Europe has a lot of entrepreneurial and technological talent, and we believe even more of its companies could be expanding globally,” says Felix Huber, Head of Central and Eastern Europe, Middle East, and Africa, at Stripe. “Stripe aims to empower more companies from this region to export their creativity and…

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