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
- Full SEPA reachability (34 countries)
- Direct technical access to SEPA via the Bank of Lithuania (for non-banks)
- Ability to issue your own IBANs through Bank of Lithuania API
- 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
