The Official Development Agency of the City of Vilnius

Fintech

In the last few years, the fintech sector in Vilnius has skyrocketed, attracting attention from around the globe. With its top talent, favourable business environment, friendly regulatory system and supportive ecosystem, Vilnius is the ideal home for fintech. 

#10

Best country in the world for fintech

Source: Global Fintech Index 2021

1st

Largest fintech hub in the EU in terms of licensed companies

Source: EUCLID Register, European Banking Authority, 2020

230

The number of fintech companies operating in Lithuania in 2020

Source: Invest Lithuania, 2020

18%

Increase in the number of specialists employed in the fintech sector

Source: State Social Insurance Fund Board (Sodra), 2020

1/3

Of survey respondents saw their revenue increase by over 100%

Source: The Fintech Landscape in Lithuania 2020-2021 report

Over 14,000

Finance and insurance specialists in Vilnius

Source: Lithuanian statistics, 2018

Over 23,000

ICT specialists in Vilnius municipal area

Source: Lithuanian statistics, 2019

26,100

Students in innovation-related programs

Source: Ministry of Education, Science and Sport, 2020

22,500

Students in finance, economics, business administration

Source: Ministry of Education, Science and Sport, 2020

Favourable business environment

  • Newcomer programme – provides guidance through a one-stop-shop by the Bank of Lithuania
  • Smooth authorisation
    • Electronic money or payment institution license 2-3 times faster than other EU jurisdictions
    • The only jurisdiction in the EU offering "Lite" bank license for challenger banks
    • Application can be submitted online (in English)
    • KYC for customer onboarding can be carried out remotely
  • Access to payment infrastructure
  • 1st in Global Talent Competitiveness Index by ease of hiring (source: NSEAD, Global Talent Competitiveness Index, 2019) 
  • 1st Global ranking of Vilnius in Tech Startups FDI Attraction Index (Source: FDI Intelligence, Tech Start-up FDI Attraction Index 2019) 
  • Cost effective – Vilnius is No. 1 based on fDi Intelligence’s Mid/Small-size global cost effectiveness (source: fDi Intelligence, 2021)  
  • Financial incentives aimed at fostering innovation – the possibility to deduct R&D-related expenses up to three times in the tax period they are incurred. 

Ecosystem

  • The Bank of Lithuania is the country’s central bank seeking to foster a reliable financial system and ensure sustainable economic growth.
  • The Bank of Lithuania regulatory sandbox offers fintech companies a regulatory environment for testing innovative solutions.
  • ROCKIT is home to fintech and innovation, providing infrastructure to scale business, access to mentors and top industry events.
  • Fintech INN is the largest and most significant international fintech conference in the region.
  • Fintech HUB LT unites fintech industry participants in Lithuania, helping them to create the best conditions for their activities.
  • FINTECH Lithuania brings together fintechs, developers of IT solutions, service providers for fintechs, legal, licensing and regulatory compliance consultants, banks and other ecosystems participants.
  • MITA project Fintech LT sponsored by the Lithuanian Government the Agency for Science, Innovation and Technology (MITA) project aims to increase the number of innovative fintech enterprises in the country by supporting the local fintech community and building on Lithuania’s reputation as a fintech hub. 

Some of the Companies Based in Vilnius

Revolut
Blender
Shift4
Simplex
Savy
Coingate
SumUp
NEO finance
TranferGo
Revel Systems
Railsbank
Mambu
Contis
Ria
DiPocket
AML Analytics
Verified Payments

If you are looking for a destination with a strong scientific community to host your next conference or event, please get in touch with our Convention Bureau to find out how our team can assist you. 

Other key sectors

Information and Communication Technologies
Information and Communication Technologies
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