The Lithuanian fintech sector has grown considerably in 2019 with a remarkable growth of 24% in terms of the overall number of companies, claims the annual Fintech Landscape in Lithuania report. Going by the same, there are 210 fintechs and 102 issued licenses that make the country the second-largest fintech hub in Europe.
In addition to a growth of 24% in the number of fintechs in the country, the number of jobs in the sector has increased by over 30% (3,400 jobs). This report foreshadows what we can expect to continue in 2020. Besides the likely growth, the regulatory innovations are poised to make the Lithuanian fintech sector more competitive and robust. Here is a list of startups in Lithuania that make the country among the largest fintech sectors in Europe.
Founder: Laimonas Noreika
Founded year: 2015
Why its hot: FinBee is a peer-to-peer lending platform offering services to both individuals and companies in Lithuania and the Czech Republic. The company connects lenders with reliable borrowers and aims to create an environment that lets everyone wins. With FinBee, investors enjoy substantial returns and borrowers get low-interest rates.
Why its hot: Fininbox provides full IT systems for modern financial services. It is a part of Forbis Group, which is the maker of FORPOST banking software that leading international banks depend on to meet challenges in the current financial industry. Fininbox delivers FORPOST on a flexible System-as-a-Service (SaaS) basis providing software, support, development, and infrastructure. It focuses on creating value for customers.
Founders: Vytautas Olsauskas, Vytautas Jonas Lapienis
Founded year: 2019
Why its hot: Mano.bank is the first specialised bank in the EU. It provides easy access to financing tools, unlimited SEPA payments, and minimum paperwork. The company connects digital technology with the prime focus on excellent experience to save both the time and effort of customers. Mano.bank is building banking services that are more efficient, focused, and simpler towards personal needs.
MoQ (Mobile Payments)
Founded year: 2016
Why its hot: Mobile Payments is a company founded by the three largest mobile operators – Bitė Lietuva, Tele2 and Telia Lietuva, which created and manages MoQ. It is the first mobile billing platform in the Baltic States. MoQ is a wallet, an email on your smartphone, which lets you instantly pay and get payments for goods and services on the internet and at PoS and to transfer money between them anytime a day including holidays.
Founders: Kostas Noreika
Founded year: 2004
Why its hot: Paysera is an international electronic payment system. It provides daily banking services such as currency exchange, transfers, payment cards, etc. Also, the company provides exclusive products such as SMS payment platform, event ticketing system, QR code payments, payment solutions for schools, transfers by phone number, and others. Paysera is a leader in e-commerce and a secure and reliable partner in the Baltic States.
Founders: Viktorija Vanagė
Funding: €5.4 million
Founded year: 2017
Why its hot: Profitus is a real estate investment platform for the Baltic region and other countries in Europe. The company operates with the mission to unite people and provide them with the opportunity to invest small amounts of money in real estate, to implement their own real estate projects, and to become partners in real estate projects. With Profitus, users can invest as little as €100 real estate and borrow much for related projects easier and faster than from banks.
CEO: Aušra Čiuplienė
Founded year: 2014
Why its hot: SAVY is a virtual peer-to-peer lending platform, which lets users invest your money efficiently and easily. It lets internet users looking to invest money lend directly to other users who are looking forward to borrow money. SAVY brings lenders and borrowers together and reduces the risks for both while simplifying and automating the process.
Founders: Audrius Milukas
Founded year: 2016
Why its hot: SME Finance helps you develop your business instead of worrying about the cash flow. The company operates with the vision to help businesses grow smoothly by providing easy and quick funding solutions through invoice finance and business loans. SME entrepreneurs appreciate alternative financing facilities due to their flexibility and diversity. It ensures there is a regular flow of income so that businesses can grow.
Founders: Evaldas Remeikis
Founded year: 2015
Why its hot: NEO Finance is a fast-growing P2P lending platform operating under the name of Paskolų klubas. It offers investors the possibility to invest in loans. The platform has been offering investors sold returns and is the first Lithuanian P2P platform to have reached over €1 million monthly issues. NEO Finance is supervised by the Bank of Lithuania.
Main image picture credits: NEO Finance
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