UK’s DiPocket, a fintech that provides a range of cashless payment solutions to its clients, has established its centre for Central and Eastern Europe (CEE) in Lithuania.
Lithuania has been lately hailed as a haven for fintech firms that are seeking expansion or relocating due to Brexit.
According to DiPocket CEO Fedele Di Maggio, choosing a location for the firm’s regional base was easy – Lithuania is arguably the most fintech-friendly environment upholding the highest regulatory standards in the region.
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.
The company has just received an Electronic Money Institution (EMI) license in Lithuania, Lithuania's foreign investment promotion agency Investuok Lietuvoje (Invest Lithuania) said.
Having expanded its value proposition and organically built a strong client base, DiPocket recently raised €6mn 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.