Lithuanian fintech market review

fintech lawyer in Lithuania
Sigita Zavišienė

Financial Law, Compliance & AML


In recent years, Lithuania has established itself as a prominent fintech hub in Europe, driven by a proactive regulatory environment. The country’s fintech sector, particularly in payments, has flourished, attracting a diverse range of participants.

The favorable regulatory landscape, including a specialized bank license with lower capital requirements, has contributed to this success. Lithuania also offers competitive costs, a strong talent pool, and a supportive infrastructure for fintech companies.

However, there has been a shift in focus from quantity to quality in the fintech sector. Regulatory authorities, led by the Bank of Lithuania, now prioritize the quality of services, compliance with prudential requirements, and societal benefits. This change has decreased the number of licensed fintech companies, signaling a more cautious approach.

Sigita Zavišienė, financial law and compliance expert, emphasizes that, as of 2023, the number of licensed fintech companies in Lithuania has declined, with a concentration of turnover among a few key players. The regulatory environment has become stricter, leading to severe consequences for non-compliance, such as high penalties or license revocation. Acquiring licensed companies has become a trend, especially when investors aim to maintain the target company’s existing business.

Looking ahead, the Lithuanian fintech community sees this shift as an organic evolution, transitioning from a focus on quantity to an emphasis on the quality of services. Mature financial service providers are expected to experience exponential growth in this changing landscape. The regulatory strategy has shifted towards increasing the sector’s maturity, requiring robust governance arrangements and risk management processes from license holders.

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