The European Bank for Reconstruction and Development (EBRD), the Lithuanian branch of Swedbank and business accelerator Startup Wise Guys will work together to create a platform to help the development of fintech solutions in the Baltic state, the EBRD said on July 1.
“The hub will promote fintech and tech-centric innovation and contribute to Lithuania’s goal of becoming a leading regional fintech centre in Europe,” the EBRD said.
Through the partnership, the EBRD will facilitate start-up access to operational facilities, early stage funding and mentoring network, as well as support the development of new initiatives at the hub, the international lender also said.
Lithuania has long been striving to establish itself as one of Europe’s go-to fintech locations for investors and entrepreneurs.
Dozens of fintech companies are operating in the country of 2.8mn that is offering the fintech industry a favourable regulatory environment, such as the Bank of Lithuania’s regulatory sandbox tool, which companies can use to test their fintech ideas to minimise risks before floating them on the market.
According to the 2018 “Fintech Landscape in Lithuania” report by the country’s investment agency Invest Lithuania, there were 170 fintech companies in Lithuania at the end of last year, up from 117 in 2017 and 55 in 2014.