Lithuania is a kind of nations that punches above its weight by way of fintech innovation. With a inhabitants of lower than three million, the nation boasts greater than 260 fintech firms. It’s the largest fintech hub within the EU relating to licensed firms. These fintechs, numbering practically 150, symbolize the vast majority of fintechs within the nation and are licensed e-money establishments, cost establishments, or specialised banks.
A few of the extra broadly identified Lithuanian fintechs embrace account-to-account infrastructure firm kevin and e-money establishment Paysera. Revolut Financial institution is licensed and controlled by the Financial institution of Lithuania, the nation’s central financial institution.
Given the nation’s energy as a fintech hub, it’s no shock that Lithuania holds its personal on the regtech entrance as effectively. Two of the nation’s extra lively regtechs are AMLYZE, an automatic transaction monitoring and danger evaluation answer supplier that raised $1 million in funding again in Might, and identification verification and fraud prevention firm iDenfy. Each firms made important partnership bulletins in current days.
Lithuanian identification verification and fraud prevention firm iDenfy will assist ECNG Digital, a digital foreign money trade and cost providers agency, improve its onboarding course of. The partnership will allow ECNG Digital to deploy quite a lot of custom-made identification verification procedures by way of a KYC answer that mixes excessive accuracy and an optimized consumer expertise. These procedures vary from validating government-issued identification paperwork to reside selfie detection to cross-referencing databases. Moreover, iDenfy’s in-house KYC specialists will present real-time verifications to boost the accuracy of the know-how.

“Within the realm of digital foreign money trade and cost providers, the actual problem lies in balancing fraud prevention with swift identification verification,” iDenfy CEO Domantas Ciulde mentioned. “Our mission is to information ECNG Digital on this path, guaranteeing precision whereas accelerating understanding.”
ECNG Digital isn’t the one firm turning to iDenfy for identification verification. German on-line market Quoka and iDenfy even have introduced a partnership this week. iDenfy’s verification know-how will assist Quoka handle its sizable quantity of ID verifications, leveraging each biometrics and doc recognition.
Headquartered in Kaunas, Lithuania, iDenfy was based in 2017.
Lithuanian credit score union group KREDA has chosen Lithuanian regtech AMLYZ as its compliance software program companion. The group is likely one of the largest credit score union organizations within the nation and has 14 member establishments. KREDA will leverage AMLYZE’s transaction monitoring know-how as a part of a modernization of its compliance requirements. The know-how will even assist KREDA with buyer danger evaluation, case administration, and sanctions screening.
AMLYZE CEO and co-founder Gabrielius Bilkštys mentioned the partnership represented the corporate’s “dedication to serving to organizations like KREDA navigate the complicated present regulatory panorama, detect monetary crime, and make sure the highest requirements of compliance.” Based in 2018, KREDA has $528 million (€0.5 billion) in property underneath administration.

AMLYZE additionally just lately introduced that it was working with Estonian core banking supplier Tuum. The 2 corporations have solid a strategic partnership that may give banks and different monetary establishments entry to “out-of-the-box” compliance that’s built-in into Tuum’s core banking, funds, and card modules. Tuum VP of International Strategic Partnerships Jean Souto mentioned that the collaboration would permit “banks and monetary establishments to free themselves from the burden of legacy purposes to allow them to reply rapidly to market challenges and new alternatives while guaranteeing compliance with more and more evolving stringent rules.”
Based in 2019, AMLYZE is headquartered in Vilnius, Lithuania.
Right here is our take a look at fintech innovation world wide.
Latin America and the Caribbean
Mexican neobank Albo secured $40 million in Collection C funding.
Issuer-processor Paymentology teamed up with Colombia-based expense administration agency Tuily to deliver Apple Pay to the corporate’s SME clients.
Uruguay-based digital funds firm dLocal introduced a pause in its enlargement plans.
Asia-Pacific
Cross-border funds infrastructure community Thunes expanded its Acceptance community to 5 markets in southeast Asia: Indonesia, Malaysia, Philippines, Singapore, and Thailand.
Currencycloud introduced that it has greater than tripled its Chinese language buyer development price throughout the Asia-Pacific since opening its regional headquarters in 2021.
Wealth app Sharesies teamed up with New Zealand-based Maori fintech starup BlinkPay.
Sub-Saharan Africa
South Africa-based Ukheshe partnered with Xion International to allow crypto funds on its Scan to Pay app.
Nigerian wealth administration platform Risevest has acquired digital buying and selling platform Chaka.
Revio, a fintech headquartered in South Africa that makes a speciality of cost orchestration, secured $5.2 million in seed funding.
Central and Japanese Europe
Center East and Northern Africa
U.Okay.-based TangoPay partnered with Israel-based transaction monitoring specialist ThetaRay
Israeli-fintech Earnix launched new Chief Expertise Officer Erez Barak.
UAE’s Neopay introduced a partnership with Alipay+.
Central and Southern Asia
Photograph by Natallia Photograph