Demivolt, a recently established payment services provider, has just received an Electronic Money Institution license from the Bank of Lithuania. The fully passportable license will allow Demivolt to provide corporate clients across the EU with a range of services – from payment initiation to foreign exchange transactions and international money transfers. The company seeks to hire up to 15 payment industry professionals in the nearest future.
Demivolt seeks to offer e-commerce merchants and other businesses a full range of financial services, which would span both traditional card transactions and alternative payment methods. Merchants and other corporate customers will be able to load their trading accounts with the currency of their choice and to send funds denominated in different currencies at favourable FX rates.
Demivolt’s path to Lithuania was a winding one, as Germany, Luxembourg, Estonia and the UK were all among the countries considered for the company’s HQ. The company’s founders met representatives of Invest Lithuania and the Bank of Lithuania for the first time at the Singapore FinTech Festival in 2019. After a productive discussion, the founding team decided to explore the Baltic country’s Fintech ecosystem further by visiting the region’s largest industry conference Fintech Inn, which is held annually in the Lithuanian capital.
“In Lithuania, we found a clear and flexible regulatory environment and a welcoming community of like-minded and forward-thinking professionals. Even during the pandemic, the country seemed like the perfect choice for establishing and developing our business,” – Saulius Žlabys, CEO of Demivolt, says.
Demivolt is currently building its management team, with new openings to be announced in the coming months. The company will be looking for specialists in Payments, Compliance, Business Development and IT. All of Demivolt’s products will be developed and managed by the Lithuanian team.
“Demivolt’s choice shows trust in the local talents that will be tasked with creating a new competitive Fintech platform. Looking at the number of world-class tech products that have emerged in Lithuania in the last couple of years, we are more than confident in Demivolt’s success,” – Mantas Katinas, General manager of Invest Lithuania, states.
In 2020, Lithuania has remained the EU leader by the number of EMI licenses issued to companies. As of November 2020, the country had issued 72 EMI licenses.