Money transfer platform Opal Transfer receives EMI license in Lithuania

Opal Transfer has just been granted electronic money license by Bank of Lithuania and expects to strengthen its European footprint. Established in 2003 in Central London, Opal Transfer Ltd was one of the first fintech companies on the transfer market. The continuously expanding company currently provides international money transfer services to over 300,000 customers, being now active in 38 countries, with loyal customers across Europe.

Having over 16 years’ experience as a money service business, Opal Transfer aims to provide innovative services at an affordable price for both businesses and private individuals. The company plans to provide services, including prepaid cards, throughout the European Union.

According to Gita Petkevica, the CEO of Opal Transfer EU, Lithuania is a great fit for the company, due to an investment friendly environment and a clear system of setting up new businesses in the financial sector.

“We have been looking for the best place all over CEE region and Lithuania really stands out from all of the countries due to a strong pool of professional talents and great growth in EMI licensing, including the benefit of being able to connect to CENTROlink system for SEPA payments. We understand that in terms of hassle-free start and ability to communicate with different national institutions Lithuania suits us in the best way possible. Moreover, we do have Lithuanians in some key positions at our London-based office, and this country already feels like home to us”, says Gita Petkevica.

After gaining the license, Opal Transfer EU is planning to open an office in Lithuania and create workplaces for various specialists in the financial services sector, from managerial to accountancy to customer service, in order to answer their clients across the EU in the most efficient and competitive way.

About the company

Since 2003, London-based Opal Transfer Ltd has been providing international money transfer services focusing on migrant communities from Baltic and Eastern European countries, like Latvia, Lithuania, Poland, Czech Republic, Bulgaria and Romania. Money transfers to these top six destination countries create 87 per cent of the payment turnover. Opal Transfer has transferred more than £1.8 billion for private individuals and small businesses across Europe. Opal Transfer’s head office and call centre are based in the UK (City of London and Eastern London respectively) and Latvia, where they operate with approx. 50 experienced staff from the European Union countries.