FinTech Company Moneta International Finds a Home in Lithuania
FinTech company Moneta International, which provides payment services predominantly for the e-commerce sector through an online platform, has set up its global headquarters in Vilnius, the capital of Lithuania, and is now gearing up for substantial expansion in the near future. Total investment is expected to exceed €1 million, including the Moneta platform and other products under development.
Moneta’s investors, who come from Israel, chose to base the company in Lithuania following a lengthy selection process that included visits to six prospective European countries. “Our choice of Lithuania follows a thorough examination of the needs of every start-up company, particularly in the FinTech field: a clear and rational regulatory environment, political stability and confidence in the system, and most importantly, the decision to turn this country into a FinTech superpower – a decision that, unlike in many other countries, is worth much more than the paper it is written on,” said Moneta’s Chairman of the Board Eyal Nachum.
The company now has plans to expand its operations in Lithuania. Moneta intends to take on some 15 new employees within a year, including experts in the fields of financial and legal compliance, risk assessment and management, operations, administrative staff and other positions. Additionally, with its vision of establishing a research, development and education centre, Moneta is considering the option of expanding to Kaunas. Mr. Nachum says that another obvious advantage of Lithuania as a FinTech hub is the fact that Lithuanian talent is not exclusively confined to the capital.
Mantas Katinas, General Director of Invest Lithuania, a foreign direct investment development agency, believes that the FinTech sector has enormous potential for growth in Lithuania. “Interest in the field of financial technologies and the companies operating within it has been growing for a few years, and the latest data shows that it will continue to grow,” he says. Mr Katinas explains: “In Q2 of 2016, investment in financial technologies companies worldwide amounted to €7.34 billion, the largest amount in the last three years. Having made the necessary legal and regulatory amendments, Lithuania should be in a strong position to tap into this growth and become a major player in the global financial technologies market.”
While Moneta is still filling its ranks, the company has recently been licensed by Lithuanian authorities and is already hard at work to provide services to global clients using its network of contracts and relations with banks and other financial institutions that make up part of its infrastructure.