Innovative global currency payment provider Clearshift has been granted an Electronic Money Institution license by the Bank of Lithuania. By joining Lithuania’s thriving Fintech hub, the company – which has offices in both Israel and the United States – has significantly strengthened its presence in the European market. Clearshift plans to immediately expand its Vilnius office by hiring AML and Compliance specialists
The Company launched its truly unique currency conversion model in 2012. Since then, Clearshift has serviced SMEs, non-profits and asset managers, facilitating thousands of foreign currency transactions totalling more than USD 1.5 billion. The global economic crisis surrounding the Coronavirus hasn’t slowed Clearshift and its global strategy. The company is striving to become one of the world’s leading payments service providers and places a strong emphasis on transparency, compliance and safety. Clearshift’s Lithuanian operation will focus on sales and business development.
According to Ari Dobner, the company’s CEO, the decision to choose Lithuania was an easy one. From the outset, Clearshift was impressed by the country’s pool of professional specialists, as well as the strong support and attentiveness provided by local agencies and the Bank of Lithuania.
“The European Union has always been the most significant regional market for the business,” explains Mr Dobner. “Lithuania presented itself as the most attractive country to enter this market. The Bank of Lithuania actively courted Fintech startups and offered to provide direct access to SEPA. In addition, we were impressed by Invest Lithuania and the strong support provided for building a team in Lithuania. This country has a highly skilled workforce and is easy to get to from Israel. In a way, we already had a presence in Lithuania: one of the founder’s grandmothers comes from the Lithuanian town of Vilkaviškis!”
The company’s Lithuanian operation, Clearshift UAB, will play a crucial role in its vision to become a significant global player in the B2B global currency payments space.
For Mantas Katinas, managing director of Invest Lithuania, Clearshift’s decision to apply for its EMI license in Lithuania provides yet another demonstration that the country is seen as having a stable, innovative and secure Fintech ecosystem.
“It is always exciting to see that another strong player in the payments market recognizes the strengths of Lithuania’s financial regulation, its socio-economic environment and its talent pool,” says Katinas. “Clearshift has big plans for its future in Lithuania that involve not only the optimisation of its services but also sharing its knowledge with local players.”
The company plans to open a sales training program in Vilnius, as well as expanding its Lithuanian team by recruiting professionals with skills in computer science, sales, finance, customer service and compliance. In addition, Clearshift UAB intends to become an active member of the Israel-Lithuania Chamber of Commerce, committed to strengthening the bonds between Israel and Lithuania.
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