xpate, an electronic money institution licensed in Latvia, has become the first non-bank payment service provider to join the Electronic Clearing System (EKS), the payment system operated by the Central bank of Latvia, Latvijas Banka. This marks the first instance within the euro area where a central bank has enabled direct participation of non-bank payment service providers in a system it maintains. As of 17 October 2024, Latvijas Banka has opened access to the EKS for licensed payment and electronic money institutions, as well as credit unions. The move aims to create equal conditions for all Latvian payment service providers…

Lithuania’s central bank has imposed a fine of €3.5 million on Revolut over failings in its anti-money laundering controls. The London-headquartered fintech firm operates within the European Union under a Lithuanian banking licence and is supervised by both the European and Lithuanian central banks. The penalty follows a routine inspection which uncovered “violations and shortcomings in the monitoring of business relationships and operations,” the central bank said. These lapses resulted in Revolut “not always properly identifying suspicious monetary operations or transactions,” it added. Revolut responded by stating that the investigation had not revealed any confirmed instances of money laundering and…

The Baltic Fintech Awards 2025 took place during the Baltic Fintech Days 2025 on April 2 and 3, where industry leaders and innovators were recognised for their contributions to the region’s rapidly evolving fintech sector. The event highlighted the achievements of companies and individuals who have made notable advancements in the field of financial technology. The Fintech Innovator of the Year award was presented to Mifundo, based in Lithuania, which was recognised for its innovative approach in the fintech space. Mifundo provides solutions in the field of digital payments and financial inclusion, helping underserved communities access better financial services. Wallester,…

iDenfy, a Lithuania-based fraud prevention and identity verification company, has announced a partnership with Reppublika Data Analytics & Technologies, a European software firm headquartered in Vienna, Austria. Reppublika focuses on SaaS solutions for the market research industry, particularly in areas such as panel management and media measurement. The collaboration aims to improve data quality and reduce fraudulent survey responses by integrating iDenfy’s identity verification technologies into Reppublika’s systems. iDenfy offers identity verification and fraud detection solutions that combine document verification with biometric technologies. This includes features such as 3D active liveness detection, designed to distinguish real users from bots or…

Invest Lithuania has published its Fintech Report for 2024-2025, offering an in-depth examination of the current state of the fintech industry in Lithuania. The report highlights key trends, opportunities, and challenges that the sector may encounter in the coming years. Lithuania has increasingly positioned itself as a notable hub for fintech enterprises, attracting both new startups and established financial institutions. The report indicates that a combination of innovative technologies, a supportive regulatory framework, and a skilled workforce are contributing to the sector’s development. The findings of the report suggest that the fintech sector within Lithuania is likely to witness considerable…

A major foreign fintech company is set to launch operations in Lithuania, according to Simonas Krėpšta, a board member of the Bank of Lithuania. “In a few weeks, we will have more news about the financial technology giants coming to Lithuania,” Krėpšta said on March 28 at the launch of the Organisation for Economic Co-operation and Development (OECD) Lithuanian Economic Outlook event in Vilnius. Vytautė Šmaižytė-Kuliešienė, a spokeswoman for the Bank of Lithuania, later clarified that the announcement pertains to just one fintech company. The Centre of Registers has listed the name of the company as Ebury Partners Lithuania, with…

For the first time, Estonia’s EstBAN, Latvia’s LatBAN, and Lithuania’s LitBAN will jointly invest up to €500,000 in the winner of the Latitude59 pitch competition. The investment will be made as part of a syndicate during the technology conference, taking place in May in Tallinn, Estonia. Latitude59 CEO Liisi Org noted that while EstBAN has previously invested in the competition, this marks the first time Latvian and Lithuanian business angel networks are joining. “The willingness of investors from neighbouring countries to invest in the Latitude59 competition winners is significant. It shows that our traditional pitching competition has grown into the…

Lithuania continues to attract foreign companies eager to explore opportunities in its financial market. According to data from the Bank of Lithuania’s Newcomer Programme, over 150 foreign companies applied to the regulator in 2024 to assess business prospects in the country. “Interest in Lithuania from potential financial market participants remains significant. Although the number of enquiries to the Newcomer Programme fell by 37.5% compared to 2023, we are observing a positive trend – companies are approaching the Bank of Lithuania with greater preparedness, often seeking legal assistance. This reflects the increasing maturity of potential financial market participants,” said Lukas Jakubonis,…

Tallinn-based fintech startup Cino has secured €3.5 million in a seed funding round led by London-based venture capital firm Balderton Capital. The funding will be used to support the company’s expansion into the United Kingdom and further develop its product. Founded in 2023 by Elena Churilova and Lina Saleh, Cino provides a shared payment solution through a virtual card that splits costs at the point of purchase. The platform allows multiple users to contribute their share of a payment directly from their bank accounts or digital wallets, removing the need for one individual to cover the cost upfront and seek…

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…

Clar, a global digital brokerage firm based in Sweden, has acquired Fiizy, an Estonia-based fintech platform specialising in real-time financial product matching. The acquisition strengthens Clar’s position in the digital financial brokerage sector and expands its presence in Europe and Latin America. Clar operates across four continents, including Poland, Spain, Portugal, France, Saudi Arabia, Hong Kong, Singapore, Australia, and Brazil. Fiizy, founded in 2015, is active in Poland, Spain, Mexico, and Colombia, with a network of over 250 financial partners. “The merger of Fiizy into Clar aligns with our strategy to strengthen our leadership as a global digital broker while…

Lietuvos Bankas, the central bank of Lithuania and the financial supervisory authority, in a statement on February 25 reminded crypto-asset service providers and consumers of the restrictions associated with the transitional period under the MiCA Regulation. The regulatory framework imposes specific requirements on service providers and the issuance of asset-referenced tokens (ARTs) and electronic money tokens (EMTs). Under the MiCA transitional period, crypto-asset service providers registered under a national regulatory framework may operate only within their country of registration. Registration in one EU Member State does not grant the right to provide services in other EU countries. Providers seeking to…

In 2024, fintech became the most funded startup sector in Lithuania, reclaiming its leadership after an underwhelming year 2023, new data released by Dealroom show. Fintech startups in Lithuania secured EUR 48.8 million in funding in 2024, representing 38% of the total EUR 128 million raised by startups across all verticals. Top industries by VC investment volume in 2024, Source: The Lithuanian Startup Ecosystem 2024, Dealroom, Jan 2025 The figure marks a significant recovery from 2023, when fintech startups attracted a mere EUR 7.2 million, according to Dealroom data. The sum ranked fintech sixth in funding in 2023, a far…

TransferGo, a fintech company originally founded in Lithuania and now headquartered in London, has introduced a multi-currency business account for enterprises based in the UK and the EU. This new service enables businesses to hold, exchange, send, and receive multiple currencies, addressing common challenges in international transactions. While companies are increasingly operating on a global scale, cross-border payments remain complex. Businesses often encounter high fees, slow processing times, and difficulties in currency exchange, particularly when dealing with emerging markets. TransferGo aims to simplify this process by offering a reliable platform with competitive rates and a smoother international payment experience. “We…

The Baltic and the Nordic regions have emerged as key hubs for fintech innovation, driven by strong tech ecosystems, supportive regulatory environments, and a strong emphasis on digital innovation. Estonia stands out as one of the most advanced nations in terms of fintech and digital innovation, recognized as a global leader in e-government, blockchain technology and digital identity. Lithuania has gained a reputation for being particularly welcoming to fintech startups, offering fast and efficient licensing processes for financial companies and attracting global fintech companies with its welcoming regulatory framework. Latvia, though home to a smaller fintech scene compared to Estonia…

The Estonian Startup Awards recognised the country’s top startups, founders, and investors across 11 categories. Startups now contribute nearly 4% of Estonia’s GDP, up from 1.5% in recent years. Prime Minister Kristen Michal remarked, “Such growth highlights the importance of the sector to Estonia’s economy and its people, both locally and internationally. Estonian startups have not only weathered the storm but have emerged stronger, contributing to our economy in ways that would have been hard to imagine just a few years ago.” Key Winners Estonian Startup Awards 2024: Founder of the Year 2024: Martin Sokk and Mihkel Aamer (Lightyear) Lightyear,…

Ebury, a UK-based company, specialising in international trade solutions for SMEs, has announced its agreement to acquire Lithuania-based ArcaPay, a provider of B2B cross-border payment solutions. The acquisition, pending regulatory approval, aims to expand Ebury’s presence in the Baltics and enhance its international payments capabilities. Juan Lobato, Founder and CEO of Ebury, stated: “The addition of ArcaPay will allow us to deliver our strategic priorities of leveraging targeted acquisitions, serving our existing clients more successfully, and expanding into new attractive markets.” Marius Bausys, Founder of ArcaPay, commented: “We are thrilled to join Ebury and bring its tailored offering to the…

Estonian funds have grown significantly, now managing around a billion euros for new investments, with many expanding internationally. A panel of venture capital and angel investors, and entrepreneurs from the Estonian startup sector discussing the results the industry has achieved have agreed that the sector has stabilised since peaking in 2021 – and despite 2024 proving to be a challenging year for founders and investors alike, there is as much interest as ever in putting money into the sector, and capital is available. The market itself, meanwhile, has become more aware. Kaari Kink, the chairman of the Estonian Private Equity…

2024 was a challenging year for Lithuania’s fintech landscape, marked by high-profile scandals, regulatory scrutiny and significant market shifts. Jekaterina Govina, an ex-regulator of the Lithuanian financial market and a prominent figure in the country’s fintech scene, provided insights into key events that shaped the industry, highlighting the collapse of Foxpay, the bankruptcy of fintech darling Kevin, and intensified anti-money laundering (AML) enforcement, as major developments in the ecosystem in 2024. The Foxpay scandal The Foxpay scandal emerged as one of the most prominent financial investigations in Lithuania’s financial sector. Allegations of money laundering, fraud and corruption dominated the narrative,…

The Baltic Finance Center of RTU Riga Business School has published a study “What Should Latvia’s Next National FinTech Strategy Look Like?”, which examines the situation in fintech industry in Latvia as well as recommendations for the development direction of Latvia’s fintech sector are provided. At the end of 2024, the Ministry of Finance, in cooperation with the Bank of Latvia, the Ministry of Economy, representatives of the financial sector, and other interested parties, will begin work on the development of the new Latvian fintech strategy. The study was designed to support this process with independent, evidence-based analysis. The authors…