Settek, which has recently obtained a conditional license of an electronic money institution from the Bank of Lithuania, was founded in Vilnius on December 30 with Diana Lapkovska, a Latvian national, as its CEO, according to the Center of Registers.

The new company is wholly-owned by UK-registered Paymaster24 and has an authorized share capital of 525,000 euros.

Settek told the Center of Registers that it planned to operate as an electronic money institution.

Paymaster24 is an EU member state's company providing services in Lithuania without a branch. It is licensed by the UK Financial Services Authority.

Founded in 2013, Paymaster24 says on its website that it provides payment services to international clients.