9 Lithuanian fintechs we’ve got our eye on

Justin Hurst
Senior Sales Executive
01 February 2024
4 minute read

Lithuania sits neatly at the compass point where Northern, Eastern and Western Europe converge; a land of lakes, forests, stable regulatory markets and collaborative relationships between business and regulators — the perfect combination for it to blossom into its current incarnation as a fintech powerhouse.

Known as the European Union’s most substantial fintech community, Lithuania boasts over 250 licensed fintechs — and is one of the world’s most secure financial sectors, so it’s no wonder it’s making a name for itself.

Read more about what's making Lithuania the new home of fintech.

Fashion marketplace Vinted and internet privacy stalwart Nord Security call this country home, but what about the Lithuanian fintech market? Let’s take a look…


What do they do? A payment processing solution for ecommerce companies, Patrax offers global multi-currency payments, retail point-of-sale solutions and risk and fraud management.
What sets them apart? Since its inception in 2018, Paystrax has bucked the VC trend and grown organically, breaking even after six months, and as of 2022 has a gross revenue of €20m. Fresh from their UK launch in November last year, we’re excited to see how they expand their operation across the UK and Europe supporting customers in seamlessly adopting digital payment methods.


What do they do? kevin. is an account-to-account digital payment infrastructure platform allowing customers to bypass card networks to make fast and secure payments.
What sets them apart? In October 2021, kevin. secured a $10m seed round raise — the largest in the Baltics, and one of the largest in Europe — followed by a mammoth $65m Series A in May 2022. The team are backed by industry stalwarts and disruptors alike, including Revolut, PayPal, Mastercard and VISA. They’ve got offices across Europe and have just recently opened one in Dubai, so it’ll be interesting to see how their disruptor mindset translates to the Middle East.


What do they do? PayRay is a neobank offering a suite of services like loans, leasing and deposits for small businesses.
What sets them apart? In 2023, PayRay ranked 17th on the Financial Times “FT1000: Europe’s Fastest Growing Companies 2023”. It's challenging the status quo of the traditional financial architecture, delivering meaningful change to SMEs who may be more comfortable talking customer strategy than cash flow.


What do they do? Kernolab help companies embed financial features like accounts, payments, cards and loans, into their products.
What sets them apart? With their customer base spanning a myriad of industry verticals from fintechs to logistics, ecommerce marketplaces to gig economy workers, Kernolab is onto something big. Their offering allows companies to embed financial features through an API integration, reducing launch times and minimising regulatory burdens, and they’re still only at pre-seed.


What do they do? A digital banking platform that offers payment and marketplace solutions for both businesses and individuals.
What sets them apart? Founded in 2019, myTU has had a steep launch trajectory and now boasts over 26,000 customers from over 100 nationalities. Agility, flexibility and innovation are at the core of this speed-to-launch, and with a focus on security and mobile payments we expect myTU to maintain and grow leadership in its current market segments.


What do they do? HeavyFinance is a climate investment marketplace connecting investors with farmers, with a mission to remove a gigaton of CO2 emissions by 2050.
What sets them apart? Combining both retail and institutional investors with farmers to access the voluntary carbon market, HeavyFinance is making huge strides in the fight against climate change. Launched in 2020, the team have already financed €40m in agricultural loans across Europe, distributed across around 1,400 different projects fostering connections between farmers and the investment community across Europe and the Middle East. Feels like a win-win.


What do they do? A compliance and anti-financial crimes software, Amlyze prevent financial crime, money laundering and terrorist financing with their proprietary Transaction Monitoring module.
What sets them apart? According to the Basel AML Index 2023, Lituania is in the world’s top 10 countries with the lowest money laundering and terrorist financing risks, so it’s no wonder that Amlyze would be founded here. Launched only two years ago, the company has recently raised €1m in a pre-seed round and was named by Vestbee as one of the most interesting startups of 2024.


What do they do? An automated AI finance management tool for freelancers that monitors cash flow, manages taxes and promotes swift invoice payment.
What sets them apart? Every freelancer knows the perils of financial admin, and the DeepFin app targets the growing number of gig workers and freelancers across Europe. With the number of freelancers in this region set to almost double to 45 million by the end of 2025, the DeepFin offering will be relevant not just to individuals, but also to gig platforms and marketplaces going forward.


What do they do? An international money transfer service allowing users to send money to over 160 countries quickly and safely.
What sets them apart? Founded in 2013, TransferGo was born from the struggles of its CEO trying to send money abroad and has now grown to over 2.5 million customers with global transfer markets including Europe, Japan, Singapore and Nigeria. The company is now expanding its offering to remove further financial services barriers for its customers, especially those in financial flux, like migrants.

Some final thoughts

As a leading broker for fintech firms, we speak with a wide range of fintech businesses from across the UK and Europe, from payment service businesses to lending institutions and every solution in between.

We understand how rapidly this sector is evolving and provide customised, adaptable and comprehensive insurance that responds to the individual exposures of every company. Whether you’re based in Lithuania or London, Llanelwy or Liechtenstein, book a call with one of our specialist fintech broking team today to learn more.

This content has been created for general information purposes and should not be taken as formal advice. Read our full disclaimer.

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