{"id":18787,"date":"2024-04-22T07:40:32","date_gmt":"2024-04-22T07:40:32","guid":{"rendered":"https:\/\/reinvantage-dev.eonserver.com\/?p=18787"},"modified":"2024-04-22T07:40:32","modified_gmt":"2024-04-22T07:40:32","slug":"despite-headwinds-lithuanias-fintech-sector-remains-resilient","status":"publish","type":"post","link":"https:\/\/reinvantage-dev.eonserver.com\/?p=18787","title":{"rendered":"Despite headwinds, Lithuania&#8217;s fintech sector remains resilient"},"content":{"rendered":"\n<p><strong>A regulatory environment conducive to the development of the fintech industry, and ongoing dialogue between market players and institutions has helped Lithuania sustain its position as a fintech hub.<\/strong><\/p>\n\n\n\n<p>Lithuania&#8217;s financial technology sector remains robust and forward-moving, affirming its place as a key hub for fintech innovation in Europe. <\/p>\n\n\n\n<p>A recent report by the country&#8217;s investment promotion agency,\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC9rneDXoqqSlPvizlhDRc8AHU4hTag-2Bcf3PehCf2SyAMrqeS-2FNCVU4ti-2Fpxs2N8316vYvTdj1alnfewmemshLb2ZQVOdstLxKZfoScjFweiC56GuxPYQ1dj9YVxu46fYnCYnhVBgvEdbtDjLMgYLfgxpHi6BNcKJdU6NDvj1MtlblmBO_yjjDfG7cs43BQvgsSJ6olkjcoVKvjP7yEXdDMsyszkB4nTBpT0eZxMYE-2FhIf0Pw5gZcomSXRB4yuQ5ySzjUergfj05E3mJ6iPd0vqv5bIYE3PqolMfFX7I-2BlJGaQAcGZsMaHFZnyMYCkWPNGI6saXtpDYeyLGY3H40-2Fed-2FGHJaUALWxnZ40-2B2OU9U1nlCVxzwVLbuEc2PbfKdYufSs0AOycLfgeE9cW2ObtDMmERAVP1UOb1DtwNYgn8tnhYFuP42RvG72SVjFfXy8N3lkt8Ii2fV81H1wFzXm-2FXotcKpTj1p7B0oOoKOU-2BN1yxrmj7MVAJfEPyNiLKkrB204QcAQUupYpb68XHRXPr8ITwQtvc-3D\" target=\"_blank\">Invest Lithuania<\/a>,\u00a0highlights the sector&#8217;s continued development in the country throughout 2023, despite a challenging economic landscape worldwide.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/emerging-europe.com\/news\/venture-capital-in-the-baltics-is-finally-emerging-as-an-asset-class\/\">\u2018Venture capital in the Baltics is finally emerging as an asset class\u2019<\/a><\/li><li><a href=\"https:\/\/emerging-europe.com\/made-in-emerging-europe\/the-vilnius-start-up-pioneering-satellite-autonomy\/\">The Vilnius start-up pioneering satellite autonomy<\/a><\/li><li><a href=\"https:\/\/emerging-europe.com\/news\/economy-in-focus-lithuania-2\/\">Economy in focus: Lithuania<\/a><\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n\n\n\n<p>Even as global fintech funding has dipped to its\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC7srmAepIr0nvcnIcbSVU-2BXF4YOGyPYfjwP-2FK66538pkm7HpL63jA50uJSTj4c-2B5W6caPUi3ArOT-2F8Sp-2F45bXmVCdTE-2BMo6HZqRoQn1w9HsEVNmH_yjjDfG7cs43BQvgsSJ6olkjcoVKvjP7yEXdDMsyszkB4nTBpT0eZxMYE-2FhIf0Pw5gZcomSXRB4yuQ5ySzjUergfj05E3mJ6iPd0vqv5bIYE3PqolMfFX7I-2BlJGaQAcGZsMaHFZnyMYCkWPNGI6saXtpDYeyLGY3H40-2Fed-2FGHJaUALWxnZ40-2B2OU9U1nlCVxzwVLbuEc2PbfKdYufSs0AOwDes-2B-2B2lpH8t-2Bj2yy-2Bnbmc5gnCs64rDkoVMrnby9zEo3AQ3M-2BjH0opkjb6RO65RBNtuW0ofW7JXzqNyUsrPepjSrP0kK5FiR4UqOU7ZW3TKTRrHTAOMqo41OFbEN-2BmeFs1iwKOoTVtfA2Woi6bRGf0-3D\" target=\"_blank\"><u>lowest point in seven years<\/u><\/a>, the Lithuanian sector has maintained its ability to attract investors. This resilience underscores\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC-2FXBs2w8vcYqPPrgJa46U7C9-2FTlHDEisQRXwdaCehzIdvVU8e-2BOkTaF9vZDXr-2F01e4WnhY7HQjI3chN-2Bt6goOmk-3DscAO_yjjDfG7cs43BQvgsSJ6olkjcoVKvjP7yEXdDMsyszkB4nTBpT0eZxMYE-2FhIf0Pw5gZcomSXRB4yuQ5ySzjUergfj05E3mJ6iPd0vqv5bIYE3PqolMfFX7I-2BlJGaQAcGZsMaHFZnyMYCkWPNGI6saXtpDYeyLGY3H40-2Fed-2FGHJaUALWxnZ40-2B2OU9U1nlCVxzwVLbuEc2PbfKdYufSs0AO09EPfx-2FQ-2F-2Bhyu4Cf3fcbj9nBS8nYHSm-2BkVp4SVJbkC1N4idHtFKG6UMixUE-2B2baQkR9RZZ4Ttr2dcDt7v6ouquk8WPL8YlcUqkVtb6aDuTvil0iS59hVgdO0FfR59KnA1ue8Q-2BqlsJ-2BQUKF9gu0GnY-3D\" target=\"_blank\"><u>Lithuania\u2019s commitment<\/u><\/a>\u00a0to fostering a welcoming and supportive environment for financial technology companies.<\/p>\n\n\n\n<p>There has been no shortage of investment. <a href=\"https:\/\/www.transfergo.com\/\">TransferGo<\/a>, a global money transfer service with operations in London and Vilnius, the Lithuanian capital, recently announced <a href=\"https:\/\/techcrunch.com\/2024\/04\/09\/transfergo-raises\/\">a successful 10 million US dollars investment funding round<\/a>, a sign of the sector&#8217;s health and future prospects.<\/p>\n\n\n\n<p>&#8220;This investment&#8230;reinforces Lithuania&#8217;s position as a thriving centre for fintech,&#8221; says Daumantas Dvilinskas, co-founder and CEO of TransferGo.<\/p>\n\n\n\n<p>Several other enterprises in the sector have also secured significant funding in recent months. <\/p>\n\n\n\n<p>For example, the Lithuania-based <a href=\"https:\/\/heavyfinance.com\/\">HeavyFinance<\/a>, a platform focused on providing sustainable financing solutions for the agricultural industry, recently <a href=\"https:\/\/heavyfinance.com\/company-news\/heavyfinance-teams-up-with-eif-and-investeu\/\">raised a 50 million euros fund<\/a> aimed at promoting sustainable practices. <\/p>\n\n\n\n<p>In a similar vein, <a href=\"https:\/\/www.axiology.xyz\/\">Axiology&#8217;s<\/a> recent <a href=\"https:\/\/ain.capital\/2024\/02\/08\/axiology-raises-2m-%D1%81oinvest-capital-baltic-sandbox\/\">two million euros funding announcement<\/a> for establishing a fully functional compliance infrastructure further solidifies Lithuania&#8217;s presence in Europe&#8217;s fintech scene.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">Drivers of fintech success<\/h5>\n\n\n\n<p>As one of the leading\u00a0revenue generators in Lithuania&#8217;s fintech sector,\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rCyy-2FgR4J7XIsfrTHaRpvW5s-3D1U_Y_yjjDfG7cs43BQvgsSJ6olkjcoVKvjP7yEXdDMsyszkB4nTBpT0eZxMYE-2FhIf0Pw5gZcomSXRB4yuQ5ySzjUergfj05E3mJ6iPd0vqv5bIYE3PqolMfFX7I-2BlJGaQAcGZsMaHFZnyMYCkWPNGI6saXtpDYeyLGY3H40-2Fed-2FGHJaUALWxnZ40-2B2OU9U1nlCVxzwVLbuEc2PbfKdYufSs0AOxfAy-2FCOR1-2Fsh1wrONDzsDouZ-2BdzWpnI8SC07ov7OwYfnHp9zBKUH5uKau1En7dbpSN1jzug0B328MiMclUsWG-2BETclivjtg58SSK7lm5ujHvUWNqdpe499bJKC7Z454LKRSKQXMmMsiODQNf1-2B4KOg-3D\" target=\"_blank\"><u>ConnectPay<\/u><\/a>, a Vilnius-based all-in-one financial platform for online businesses, has an inside perspective on the country\u2019s attractiveness as a fintech hub. <\/p>\n\n\n\n<p>Marius Galdikas, ConnectPay\u2019s CEO, attributes the recent surge in investments within the Lithuanian fintech sector to a combination of factors beyond its welcoming regulatory framework.<\/p>\n\n\n\n<p>&#8220;Lithuania&#8217;s strategic approach to nurturing fintech is not just about having a receptive regulatory environment, but also about the collaborative culture and the highly skilled talent pool that we enjoy here,&#8221; says Galdikas. <\/p>\n\n\n\n<p>Such support is exemplified by the\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC3ccztUfqCVTQHZEhb0CEbto2x4vsYwSWpon7gMJjLgDLycZ_yjjDfG7cs43BQvgsSJ6olkjcoVKvjP7yEXdDMsyszkB4nTBpT0eZxMYE-2FhIf0Pw5gZcomSXRB4yuQ5ySzjUergfj05E3mJ6iPd0vqv5bIYE3PqolMfFX7I-2BlJGaQAcGZsMaHFZnyMYCkWPNGI6saXtpDYeyLGY3H40-2Fed-2FGHJaUALWxnZ40-2B2OU9U1nlCVxzwVLbuEc2PbfKdYufSs0AO6RIoiB7-2F6pI-2FR-2B39SOK0ZNkkYay3QMUmEG5BhGn9rYjfWfbZt1lRUvYqPaJID7ZRocbAeYIa3JSS-2B1eYFFYbbTeB-2BkpMbj4QFi1DiIVSbRzwwz4aIOv8-2B9BVhqYB4WdYehL2oDHY6AJMZQ-2Ffgwds80-3D\" target=\"_blank\"><u>Newcomer Programme<\/u><\/a>, facilitated by the Bank of Lithuania, which offers guidance to new market participants, smoothing their entry into the sector. <\/p>\n\n\n\n<p>Additionally, the association\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/u7061146.ct.sendgrid.net\/ls\/click?upn=u001.gqh-2BaxUzlo7XKIuSly0rC3YVpbfcIjohC2qFk-2F-2FtJ3OIcgOmeQn-2F5stQV6d5X6GjJOef_yjjDfG7cs43BQvgsSJ6olkjcoVKvjP7yEXdDMsyszkB4nTBpT0eZxMYE-2FhIf0Pw5gZcomSXRB4yuQ5ySzjUergfj05E3mJ6iPd0vqv5bIYE3PqolMfFX7I-2BlJGaQAcGZsMaHFZnyMYCkWPNGI6saXtpDYeyLGY3H40-2Fed-2FGHJaUALWxnZ40-2B2OU9U1nlCVxzwVLbuEc2PbfKdYufSs0AO5MviZt0XCJRwNrp2qrWJcQxXJaAlvGpA9dNSr3uIFFyfrUwrhjT8bY-2FMpINbsvUDftSCvAjRHaniZPOHUDMUMu7ZJXE2Trx73a-2BJfK9cGQMg0hrbSs9ajlNSoAtRNJzDboA85Ei9sa-2B7koZL0cZz9A-3D\" target=\"_blank\"><u>Fintech Hub LT<\/u><\/a>, where Galdikas serves as a board member, plays a pivotal role in the sector&#8217;s growth, promoting collaboration, sharing insights, and fostering a community that can proactively address upcoming challenges and opportunities.<\/p>\n\n\n\n<p>&#8220;Dialogue between marketplayers and institutions like the Bank of Lithuania, and the government&#8217;s clear vision for innovation are key elements that make this market attractive to investors and new entrants,&#8221; adds Galdikas.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n\n\n\n<p><strong>Unlike many news and information platforms,&nbsp;<em>Emerging Europe<\/em>&nbsp;is free to read, and always will be.&nbsp;There is no paywall here.&nbsp;We are independent,&nbsp;not affiliated with nor representing any political party or business&nbsp;organisation.&nbsp;We want the very best for emerging Europe, nothing more, nothing less. Your support will help us continue to spread the word about this amazing region.<\/strong><\/p>\n\n\n\n<p><strong>You can contribute&nbsp;<a href=\"https:\/\/emergingeurope.krtra.com\/t\/NlQnFuOA2C9c\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>. Thank you.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><a href=\"https:\/\/emergingeurope.krtra.com\/t\/NlQnFuOA2C9c\"><img decoding=\"async\" src=\"https:\/\/emerging-europe.com\/wp-content\/uploads\/2020\/04\/copy-of-add-a-heading.png\" alt=\"emerging europe support independent journalism\" class=\"wp-image-50811\"\/><\/a><\/figure><\/div>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-background has-cyan-bluish-gray-background-color has-cyan-bluish-gray-color is-style-wide\"\/>\n","protected":false},"excerpt":{"rendered":"<p>A regulatory environment conducive to the development of the fintech industry, and ongoing dialogue between market players and institutions has helped Lithuania sustain its position as<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":18788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[7219,7215,6320,6864,7214,385,7218,7217,6624,6621,61,7216],"class_list":["post-18787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-axiology","tag-connectpay","tag-featured","tag-fintech","tag-invest-lithuania","tag-lithuania","tag-lithuanian-fintech-sector","tag-marius-galdikas","tag-start-ups","tag-startups","tag-technology-innovation","tag-transfergo"],"_links":{"self":[{"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/posts\/18787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18787"}],"version-history":[{"count":0,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/posts\/18787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=\/wp\/v2\/media\/18788"}],"wp:attachment":[{"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/reinvantage-dev.eonserver.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}