Posts tagged as FinTech

Bank of Lithuania revokes licence of Wirecard scandal FinTech

Wednesday, June 9, 2021

Lithuania’s central bank has revoked the licence of UAB Finolita Union, which is suspected to have stolen over €100 million from Wirecard weeks before the company collapsed. The move comes nearly a month after EU lawmakers urged Lithuania to tighten its financial oversight after it was revealed that the Vilnius-based FinTech was involved in the scandal. The Bank of Lithuania said that having completed an investigation started in autumn, it…

How Brexit fuelled Lithuania’s ambitions to become Europe’s fintech capital

By Keumars Afifi-Sabet on Monday, May 31, 2021

Lithuania is only a small country on the outskirts of the European Union (EU) with palatable weather and complicated history; a modest economy and population a third the size of London’s would hardly render it a key player on the global stage. You will, therefore, perhaps be forgiven for overlooking the fact that this Baltic nation, rich with lavish landscapes and stunning castles, has, in recent years, surged to become…

Lithuanian fintech under scrutiny over potential role in Wirecard fraud

Monday, May 17, 2021

Company in Vilnius processed more than €100m in payments being examined by German prosecutors. Prosecutors suspect a Lithuanian payments company was used to steal more than €100m from Wirecard weeks before it collapsed, with some of the money channelled to the German group’s now fugitive second-in-command Jan Marsalek. Wirecard went bust last June after disclosing a €1.9bn hole in its balance sheet. Munich prosecutors suspect that hundreds of millions of…

The Lithuanian fintech start-up challenging the card networks

Thursday, March 11, 2021

A fintech start-up from Lithuania is revolutionising the way that card payments are processed, potentially offering huge savings to merchants. Debit and credit card networks dominate the payment processing sphere across the globe. But now, a Lithuanian fintech start-up, Kevin, is issuing a challenge to this status quo, building new infrastructure based on PSD2 and account to account (A2A) payments. PSD2 (Payment Services Directive 2) is an EU-level directive first…

Fintech unicorn Transferwise now known simply as Wise

Monday, February 22, 2021

Estonian fintech unicorn firm Transferwise has shortened its name to Wise, the company has announced. The name change, which comes into effect Monday, resulted from the company’s growth beyond its original incarnation as a secure money transfer platform, branching out into international banking and other services, the company says. “For generations, banks have been defined by borders,” co-founder and CEO Kristo Käärmann wrote on the company’s site. “Traditional bank accounts…

London fintech players eye edge in Baltic shift

Saturday, February 20, 2021

Lithuania has become the go-to destination for many British fintech businesses in search of greener post-Brexit pastures, the head of online banking service ConnectPay said. While London remains a leader in attracting fintech investment, Marius Galdikas, chief executive officer of ConnectPay, believes Lithuania is shaping up to be the next top destination for businesses due to its rapidly growing fintech sector. Since the United Kingdom’s departure from the European Union,…

Three-year-old fintech company Sun Finance reports 100m euro turnover

Friday, October 23, 2020

Financial technology company Sun Finance has reported a record-breaking year for 2019, recording turnover of EUR 101.5 million, an increase of almost three times compared with 2018 results, according to audited financial results. The group’s net profit last year was EUR 7.1 million. “Last year we worked hard to strengthen our position in the existing markets, as well as to further diversify the geographical profile of the Group. Driven by this strategy, we grew the amount…

FinTech innovators awarded first-of-kind payment license by financial regulator

Tuesday, July 28, 2020

Lavia’s financial regulator the Financial and Capital Markets Commission (FKTK) said July 27 it had approved FinTech company Nordigen as a payment institution “with the right to provide account information services”. “This type of payment service is considered to be one of the newest types of payment services… account information service enables customers to see aggregated information on the content of its payment accounts located in various banks and payment service…