UK fintech DiPocket establishes CEE base in Lithuania

DiPocket, a UK-based fintech that provides a range of cashless payment solutions to its clients, has just received an Electronic Money Institution (EMI) license in Lithuania. This step will allow the company to continue servicing clients in mainland Europe after the UK-issued license loses its validity in the EU. Currently, DiPocket has a team of 40 people, which it plans to grow to more than 100 people in 2022, and a large part of the new hires will be based in Lithuania.

Fedele Di Maggio and Pavel Pokhylchenko, the co-founders of DiPocket, met back in 2005, when they helped UniCredit Group develop a greenfield retail bank in Ukraine. With that and other experience gathered along the way, they decided to create their own fintech venture, but with a B2B2C strategy. The company is primarily focused on the CEE market, a familiar space for both of its co-founders.

“Choosing a location for our regional base was easy – Lithuania is arguably the most fintech-friendly environment upholding the highest regulatory standards in the region,” says DiPocket CEO Fedele Di Maggio.

Currently, the company offers a wide range of cashless payment options that include Apple Pay, Google Pay, MasterCard prepaid debit cards and payment wristbands, which become a common sight across European music festivals. The next step of development will see Open Banking and further customizable payment solutions for corporate clients who want to effortlessly offer funds disbursement and other card-based payment options to their customers or employees.

“The year 2020 brought a level of maturity to the Lithuanian fintech scene, with new players coming in with crystal clear goals objectives that we can help them reach. DiPocket is a prime example of that, and I’m happy that our specialists will be able to become part of their success story,” says Mantas Katinas, General Manager of Invest Lithuania.

Having expanded its value proposition and organically built a strong client base, DiPocket has recently raised €6M in Series A funding from EXIM Cross-border Fund managed by GB & Partners Investment Management, and is planning to strengthen its position across CEE and beyond from its new Lithuanian base. Further expansion will come with a wave of new hires in Account Management, Operations, IT Development and Compliance.

“We look for self-driven individuals who are not afraid of challenges and are eager to learn, work hard and have fun in the process. When it comes to hiring, we favour young professionals and even fresh graduates we can coach and mentor,” says DiPocket CTO Pavel Pokhylchenko.