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B2B payments provider Hokodo chooses Lithuania for new operations hub

June 08, 2023

International B2B payment solutions provider Hokodo announced plans to establish a payment operations hub in Lithuania. After recently acquiring Vilnius-based payments startup H Pay & Go, the company is opening a new office to complement its existing locations in Paris and London. The company plans to hire 30 employees in Lithuania over the next few years and will be looking for credit analysts, payment operations and customer support specialists, software engineers, debt collection managers and finance professionals.

With offices in Paris and London, Hokodo offers a scalable, all-in-one payment solution for B2B, complete with trade credit and upfront payment options. The company’s solutions enable European businesses to achieve growth goals without being hindered by operational inefficiencies, outdated payment processes and working capital constraints. Since its inception in 2018, Hokodo has expanded rapidly into Europe’s largest markets, now serving clients in the UK, France, Germany, Belgium, the Netherlands and Spain.

The company’s Lithuanian hub will initially serve Hokodo’s clients in the Central European, Nordic and Baltic markets. The company is also considering extending this to cover all EEA markets in the future.

The acquisition of H Pay & Go, which has an Electronic Money Institution (EMI) licence from the Bank of Lithuania, makes Hokodo the first and, currently, the only B2B Buy Now, Pay Later provider with a payments licence. The acquisition will also help the company to reach its goal of providing 1 million businesses with advanced payment solutions.

To achieve this goal by 2025, Hokodo was looking for a location to base a regulated payments business.

We needed an EU country with a regulator that is respected and recognised internationally – since our credibility with clients depends on it – and has experience dealing with fintechs as well as new financial business models. We also wanted access to a talented and educated workforce – a pool of people with payments experience across a range of disciplines such as AML, compliance, credit risk, and payment operations. Finally, we’re a pan-European business, so we needed a market with strong European languages skills. Lithuania ticked all these boxes.
Richard Thornton, Co-Founder and Co-CEO at Hokodo

Chris Yea, Head of Talent at Hokodo, highlights Lithuania’s talent as one of the key drivers behind the decision to open an operations hub in the country.

“We have been pleased to find that the Lithuanian candidate market is rich with talented individuals with the skills to operate a payment institution. We’ve already made our first hires in Lithuania, with more roles to go live imminently. Our plans are to hire around 30 individuals for the Lithuanian team over the next 3 years.”

Hokodo’s growing team in Lithuania will be provided with employee benefits such as shares options, an individual training and development budget, hybrid and remote work models, bi-annual offsites and others.

Elijus Čivilis, Managing Director at Invest Lithuania, believes that the new Lithuanian hub will will drive Hokodo’s growth on a European scale.

“Lithuania is strengthening its position as a responsible, mature and open fintech location in Europe, and Hokodo’s decision to expand into Lithuania illustrates this perfectly. I am sure that here, Hokodo will find fertile ground for sustainable scaling across Europe and beyond and that the team in Lithuania will be a reliable partner in serving the clients in the region.”

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Aistė Žebrauskienė
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    Aistė Žebrauskienė Press Officer
    Thank you!

    Thanks for reaching out to us, this means a lot! We will get back to you shortly.

    Meanwhile, we invite you to discover what’s new in the Lithuanian business landscape.

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