Simplex, an Israeli financial technology (fintech) and cybersecurity start-up, has chosen Lithuania ahead of the likes of Luxembourg, Cyprus and the UK as the location for its new global supervision and sales team, Invest Lithuania representative told BC.
The company plans to employ around 20 experts in sales, support, Fraud analysis, marketing, information technologies, data analytics, quality supervision and finance in the coming couple of years.
Lithuania has made rapid progress in streamlining its regulatory framework for fintech companies, and according to CEO of Simplex, Nimrod Lehavi, this played a decisive role in the company choosing Lithuania. “For us, the time required to get a license as a payment institution was of the utmost importance. And Lithuania has the fastest issuing process in the EU,” says Mr Lehavi. “On top of that, the people we met during our first visit to Lithuania made a great impression. Their positive attitude towards us and their willingness to help reassured us that the decision to set up in Lithuania was the right one.”
Simplex provides online businesses with a fraudless credit card processing – ability to accept credit card in a way that is secured against fraud. Its platform is unique in that it does not try to change the behaviour or habits of the buyers, it simply operates as processor of all payments. In this way, it provides a discrete way for companies to eliminate the risks associated with crediting payments and operate in a world without fraud, without damaging overall conversion.
The division in Lithuania will be in charge of the sales of Simplex’s services in the domestic market, plus supervision of global operations conducted by the start-up.
This new arrival to Lithuania’s fintech sector is set to add even more momentum to this rapidly developing business area for the country. Simplex has already attracted €8.5 million in investment from risk capital funds and private investors.