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, 2022
265
The number of fintech companies operating in Lithuania in 2022
Source: Invest Lithuania, 2022
11%
Annual growth in the number of specialists in the financial services and banking sector
Source: Invest Lithuania Fintech Survey 2022
1/3
Of survey respondents saw their revenue increase by over 100%
Source: The Fintech Landscape in Lithuania 2021-2022 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
- Labour force growth – Lithuania is 3rd in EU for labour force growth, with Vilnius being the major influencer of this rating (source: IMD World Talent Ranking, 2021)
- Cost effective – Vilnius is No. 1 based on fDi Intelligence’s Mid/Small-size global cost effectiveness (source: fDi Intelligence, 2021)
- FDI strategy – Vilnius is No. 1 in Europe among mid-sized cities for FDI strategy, 2nd overall among cities of the future (source: fDi Intelligence, 2022)
- Financial incentives aimed at fostering innovation – the possibility to deduct R&D-related expenses up to three times in the tax period they are incurre
Check out the Fintech ecosystem report by Invest Lithuania for 2021-2022 to learn more.
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 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.
Some of the Companies Based in Vilnius
