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Russia’s Invasion of Ukraine Alarms Lithuania

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The home country of FinTech companies such as Revolut or the account-to-account payment platform Kevin recently declared a state of emergency in response to Russia´s assault of Ukraine. 

Lithuania has become a success story: a country that created an ecosystem to really attract FinTechs. With less than 3 million people, Lithuania has gone from the home of 55 FinTechs in 2014 to an impressive 230 in 2020. As a comparison, Germany had around 1,000 FinTech startups in 2021, according to data from Statista, in a country of 83 million people.  

After the U.K. left the European Union, many of the FinTechs in the U.K. decided to move their operations to Lithuania because the country facilitated the provision of electronic money institution (EMI) licenses. This allowed companies to provide services across Europe. That is the reason why Revolut, which initially started in the U.K., applied for a banking license in Lithuania which could then be used to provide banking services in other EU countries. 

Read more: As Brexit Looms, FinTech Firms Scramble For Lithuanian Licenses

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