Headquartered in Israel, Simplex processes credit card payments with a 100% guarantee which ensures that, in the event of a fraud chargeback, the merchant receives payment from Simplex. The company’s cutting-edge fraud prevention solution and proprietary state-of-the-art AI technology blocks fraudulent users and allows legitimate users to complete payments with ease. At present, its Lithuanian team is responsible for the compliance, customer support, onboarding, account management, and fraud monitoring. And its new Vilnius office will continue to function as the backbone of the company’s day to day operations.
As part of Simplex’s ambitious growth strategy for the next three years, all of the Lithuanian operation’s current functions are to be expanded. Moreover, the company also plans to establish a new R&D group in Lithuania which will contribute to the company’s core product and help expand its growth potential.
This expansion is a vindication of the company’s choice to set up operations in Vilnius 2017 ahead of such competition as Luxemburg, Cyprus, and the UK. As Nimrod Lehavi, CEO of the company explains: “After visiting Vilnius and meeting with Invest Lithuania we found a welcoming and innovative country, combining a can-do approach with complete professionalism. Today, nearly 2 years after setting up shop in Lithuania, this choice was definitely the right one”
Mr. Lehavi is positive in his evaluation of both the Fintech sector in Lithuania and the talent pool it has on offer: “Lithuania is not up-and-coming anymore, but rather one of the major global fintech hubs. We have been able to recruit excellent employees for every needed role, and one can say Simplex couldn’t have gotten to its current market leader position without establishing the Lithuanian site.”
Simplex has taken a proactive role in developing the local Fintech community. It is an active member of the FintechHub LT association and is partnering with local universities to offer students the opportunity to commence their career with the company.
Virginijus Sinkevičius, Minister of Economy and Innovation, sees Simplex’s success as further evidence of the country’s commitment to providing the right environment for Fintech: “Lithuania has proven that the financial technology sector is not a one-day trend for the state, but a priority industry with a long-term strategy. Simplex was not just one of the first foreign fintech companies that chose Lithuania for their division in Europe, but also one of the first to achieve their goals and decide to triple their team in Vilnius. It is likely that other companies in the sector based in Lithuania will follow the example of Simplex in the near future.”
For Mantas Katinas, Managing Director of Invest Lithuania, meanwhile, Simplex is a great example of how business and the country can co-operate to drive mutual value: “In the last few years, we’ve seen a substantial rise and then cementing of our local Fintech community. This has been made possible by the relationships between innovative disruptors like Simplex and our state institutions and universities. With the continued growth of such ecosystem, we can only go from strength to strength.”