Lithuanian cloud-first digital bank myTU secures €10M; eyes profitability without VC support

Vilnius, Lithuania-based myTU, an AI-powered and cloud-first digital bank, has secured €10M in an oversubscribed Series A funding round, surpassing its initial €9M target.

The round was completed by existing shareholders increasing their stakes and two new strategic investors, both long-term business partners of myTU.

The latest funding round values myTU at over €35M. 

The Lithuanian company has chosen to continue without venture capital funding, maintaining a focus on sustainable growth.

The company will use the funds to support product expansion, the development of acquiring and lending services, and regulatory preparations for securing a full banking license from the Bank of Lithuania.

The company is on track to process over €1B in transactions by 2025, serving over 50,000 retail customers from 100+ nationalities and more than 200 businesses.

In the next 12 months, the company plans to scale its acquiring and lending capabilities, expand partnerships, and further strengthen its banking infrastructure. 

The Lithuanian company is expected to reach profitability in 2025. 

myTU: Cloud-first digital bank

Led by Raman Korneu and Tomas Navickas, myTU is a fully automated, AI-powered, and cloud-first digital bank offering a variety of services with remote onboarding to both consumer clients and businesses.

It includes payments-as-a-service, family banking, and a marketplace and loyalty system, all powered by its proprietary core banking platform.

myTU is developed using a proprietary core banking infrastructure, intended to serve high-growth markets efficiently while maintaining low operational costs.

Raman Korneu, co-founder and CEO of myTU, says, “The fintech landscape is shifting. Funding is harder to secure, and profitability has become the real measure of success. With this investment, we are focused on scaling sustainably and reaching break-even this year. Our technology allows us to serve millions of users with a lean team, and this efficiency is what sets us apart. We are building a banking platform that is not just digital-first, but truly digital-native.”