E-Money Institutions in The Fintech Ecosystem of Lithuania

16 August 2020

Lithuania is one of the Baltic States and a member of the European Union since 2004. Lithuania is also a dynamic European innovation and fintech hub, having all necessary conditions for its fintech ecosystem to grow and develop, namely support from the government, favorable taxation system, progressive regulatory rules, multi-disciplinary talent pool, innovative infrastructure. Lithuanian fintech ecosystem evolves in a variety of fields, including analitycs and big data, cybersecurity, digital banking and electronic money, blockchain and cryptocurrency, financial software.

Electronic money institutions (EMIs) play an important role in the fintech ecosystem of Lithuania: out of more than 200 fintech companies registered in the country, over 60 are electronic money institutions. During 2016-2019 the number of EMIs has grown 5 times, customer funds safeguarded by EMIs and total transaction amoount has increased accordingly.

Number of EMIs in Lithuania Customer Funds Safeguarded by EMIs in Lithuania Total Transactions Turnover by EMIs in Lithuania

EMIs operating in Lithuania are mainly focused on providing alternative banking solutions to natural persons and companies: 33 offers digital wallets, 26 - IBAN accounts, and 17 - payment cards. There are also EMIs focused on international money transfers, payment processing infrastructure and solutions.

Largest EMIs in Lithuania

25 largest EMIs in terms of safeguarded customer funds are listed below.

Rank
1 ()
Customer Funds
201.92 mln EUR
Business Focus
providing payment services at reasonable prices
IBAN Accounts
Payment Cards
Rank
2 (+6)
Customer Funds
46.54 mln EUR
Business Focus
banking alternative for online-focused businesses
IBAN Accounts
Payment Cards
Rank
3 ()
Customer Funds
25.67 mln EUR
Business Focus
alternative banking and payment services
IBAN Accounts
Payment Cards
Rank
4 ()
Customer Funds
19.85 mln EUR
Business Focus
providing current accounts with low maintenance costs
IBAN Accounts
Payment Cards
Rank
5 (-3)
Customer Funds
19.29 mln EUR
Business Focus
offering dedicated IBAN accounts
IBAN Accounts
Payment Cards
Rank
6 (+3)
Customer Funds
19.27 mln EUR
Business Focus
checkout and payment solutions for businesses
IBAN Accounts
Payment Cards
Rank
7 (+3)
Customer Funds
15.91 mln EUR
Business Focus
providing banking solutions
IBAN Accounts
Payment Cards
Rank
8 (+17)
Customer Funds
10.78 mln EUR
Business Focus
alternative banking and payment services
IBAN Accounts
Payment Cards
Rank
9 (+15)
Customer Funds
9.46 mln EUR
Business Focus
online payments throughout the UK and Europe
IBAN Accounts
Payment Cards
Rank
10 (-3)
Customer Funds
5.85 mln EUR
Business Focus
international money transfers
IBAN Accounts
Payment Cards
Rank
11 (+9)
Customer Funds
5.59 mln EUR
Business Focus
providing alternatives to traditional banking
IBAN Accounts
Payment Cards
Rank
12 (+4)
Customer Funds
5.52 mln EUR
Business Focus
payment processing for e-commerce
IBAN Accounts
Payment Cards
Rank
13
Customer Funds
4.62 mln EUR
Business Focus
offering banking services
IBAN Accounts
Payment Cards
Rank
14 (-9)
Customer Funds
4.62 mln EUR
Business Focus
providing payment solutions
IBAN Accounts
Payment Cards
Rank
15 (+8)
Customer Funds
4.61 mln EUR
Business Focus
payment cards issuing, payment services for merchants
IBAN Accounts
Payment Cards
Rank
16 (+10)
Customer Funds
4.25 mln EUR
Business Focus
management of card payments in the Internet
IBAN Accounts
Payment Cards
Rank
17 (+4)
Customer Funds
3.38 mln EUR
Business Focus
alternative banking and payment solutions
IBAN Accounts
Payment Cards
Rank
18 (-4)
Customer Funds
3.08 mln EUR
Business Focus
digital banking services between Europe and China
IBAN Accounts
Payment Cards
Rank
19 (-7)
Customer Funds
2.84 mln EUR
Business Focus
scalable payment solutions for businesses
IBAN Accounts
Payment Cards
Rank
20 (-7)
Customer Funds
2.60 mln EUR
Business Focus
providing comprehensive FinTech solutions
IBAN Accounts
Payment Cards
Rank
21 (-10)
Customer Funds
2.42 mln EUR
Business Focus
facilitating global payment transactions
IBAN Accounts
Payment Cards
Rank
22 (+9)
Customer Funds
1.94 mln EUR
Business Focus
providing IBAN accounts and crypto exchange
IBAN Accounts
Payment Cards
Rank
23 (-6)
Customer Funds
1.69 mln EUR
Business Focus
facilitating payments between Europe and China
IBAN Accounts
Payment Cards
Rank
24 (-18)
Customer Funds
1.39 mln EUR
Business Focus
global money transfers
IBAN Accounts
Payment Cards
Rank
25 (-6)
Customer Funds
1.24 mln EUR
Business Focus
alternative banking and payment services
IBAN Accounts
Payment Cards

Customer funds data are for 2019.

Paysera

Paysera LT UAB Logo

Paysera LT UAB is an electronic money institution focused on providing payment services at reasonable prices. Paysera LT UAB offers virtual accounts with IBAN, international money transfers, SEPA payments, prepaid cards to individuals, businesses. In 2019 Paysera LT UAB had total customer funds to be safeguarded of 201.92 mln EUR, Paysera LT UAB generated gross profit of 7.92 mln EUR. Incorporated in Lithuania, Paysera LT UAB is authorized and regulated by the Bank of Lithuania.

IBAN Account Currencies

Accounts offered by Paysera are multi-currency accounts, allowing account holders to keep their funds in EUR, USD, RUB, DKK, PLN, NOK, SEK, CZK, AUD, CHF, JPY, CAD, HUF, RON, BGN, GEL, TRY, CNY, KZT, NZD, HKD, INR, ILS, MXN, ZAR, RSD, SGD, BYN, THB.

Card Providers

ConnectPay

ConnectPay UAB Logo

ConnectPay UAB is an electronic money institution focused on banking alternative for online-focused businesses. ConnectPay UAB offers virtual personal accounts with IBAN, virtual business accounts with IBAN, virtual merchant accounts with IBAN to individuals, businesses, merchants. In 2019 ConnectPay UAB had total customer funds to be safeguarded of 46.54 mln EUR, ConnectPay UAB generated gross profit of 1.54 mln EUR. Incorporated in Lithuania, ConnectPay UAB is authorized and regulated by the Bank of Lithuania.

IBAN Account Currencies

Accounts offered by ConnectPay are multi-currency accounts, allowing account holders to keep their funds in EUR, USD, AED, AUD, BGN, BHD, CAD, CHF, CNY, CZK, DKK, GBP, HKD, HRK, HUF, ILS, JPY, KES, KWD, MXN, NOK, NZD, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, ZAR.

Via Payments

Via Payments UAB Logo

Via Payments UAB is an electronic money institution focused on alternative banking and payment services. Via Payments UAB offers personal virtual accounts with IBAN, business virtual accounts with IBAN, prepaid cards, international transfers, currency exchange to individuals, businesses. In 2019 Via Payments UAB had total customer funds to be safeguarded of 25.67 mln EUR, Via Payments UAB generated gross profit of 2.08 mln EUR. Incorporated in Lithuania, Via Payments UAB is authorized and regulated by the Bank of Lithuania. Via Payments UAB is doing business as Vialet.

IBAN Account Currencies

Accounts offered by Via Payments are single-currency accounts, allowing account holders to keep their funds in EUR only.

Card Providers

Trustcom Financial

Trustcom Financial UAB Logo

Trustcom Financial UAB is an electronic money institution focused on providing current accounts with low maintenance costs. Trustcom Financial UAB offers virtual personal IBAN accounts, virtual business IBAN accounts to individuals, businesses. In 2019 Trustcom Financial UAB had total customer funds to be safeguarded of 19.85 mln EUR, Trustcom Financial UAB generated gross profit of 927,000.00 EUR. Incorporated in Lithuania, Trustcom Financial UAB is authorized and regulated by the Bank of Lithuania.

MisterTango

MisterTango UAB Logo

MisterTango UAB is an electronic money institution focused on offering dedicated IBAN accounts. MisterTango UAB offers virtual IBAN accounts, prepaid cards, payment accepting service for e-shops to individuals, businesses. In 2019 MisterTango UAB had total customer funds to be safeguarded of 19.29 mln EUR, MisterTango UAB generated gross profit of 2.26 mln EUR. Incorporated in Lithuania, MisterTango UAB is authorized and regulated by the Bank of Lithuania.

Card Providers

Wallter

Wallter UAB Logo

Wallter UAB is an electronic money institution focused on checkout and payment solutions for businesses. Wallter UAB offers e-wallet accounts, online payments for participating websites, payment acceptance platform to individuals, merchants. In 2019 Wallter UAB had total customer funds to be safeguarded of 19.27 mln EUR, Wallter UAB generated gross profit of 4.80 mln EUR. Incorporated in Lithuania, Wallter UAB is authorized and regulated by the Bank of Lithuania.

GlobalNetint

GlobalNetint UAB Logo

GlobalNetint UAB is an electronic money institution focused on providing banking solutions. GlobalNetint UAB offers virtual personal IBAN accounts in EUR, virtual business IBAN accounts in multiple currencies, SEPA transfers, SWIFT transfers, debit cards, credit card processing, white-label solutions to individuals, businesses. In 2019 GlobalNetint UAB had total customer funds to be safeguarded of 15.91 mln EUR, GlobalNetint UAB generated gross profit of 2.03 mln EUR. Incorporated in Lithuania, GlobalNetint UAB is authorized and regulated by the Bank of Lithuania.

Card Providers

See Also