€152 Billion Is Just the Beginning: How Much Further Can Lithuania’s Fintech Sector Grow?

As annual financial reports begin to surface, it’s clear that Lithuania’s fintech sector is gaining impressive momentum. In 2024, revenues generated by electronic money and payment institutions (EMIs and EPIs) in Lithuania grew by 25%. The volume of payment transactions surged by one-third compared to the previous year, reaching an impressive €152 billion.

Specialised banks operating in Lithuania are also on a growth trajectory. By 2024, their combined loan portfolio had increased to €577 million, up from €454 million the year before. Meanwhile, total assets rose to €1.2 billion—an almost 45% increase year-on-year.

Crowdfunding platforms are also accelerating, with approximately €278 million in project financing estimated for 2024, up from €204 million in 2023. This represents a consistent annual growth rate of more than one-third.

Startup Expansion Meets Profitability

The fintech boom is not just about quantity—it’s also about quality. A rising number of clients, greater volumes of financed projects, and a higher frequency of transactions all indicate that both individual and business clients are increasingly choosing specialised banks. Their appeal lies in operational efficiency, innovation, and streamlined user experience.

The ten largest EMIs and EPIs accounted for over 60% of the market’s total licensed services income. Profitability is on the rise: 49 institutions reported up to 20% profit margins, 16 reached between 20% and 50%, and three exceeded 50%. These results demonstrate a maturing market with room for benchmarking and shared best practices—an objective supported actively by Fintech Hub LT.

According to data from the Bank of Lithuania, the collective profitability of specialised banks grew by 17% in 2024 compared to 2023.

An EU Fintech Powerhouse

With 282 active fintech companies, Lithuania now boasts the highest concentration of licensed fintech entities per capita in the EU. Despite a population of just 2.9 million, these companies serve more than 30 million customers across the European Union.

Lithuania also ranked 9th globally for jurisdictions with the lowest risk of money laundering and terrorist financing. Fintech Hub LT members consistently name risk management as a key strategic priority, and recent surveys reveal significant investment in AML talent and capabilities to ensure regulatory compliance and business resilience.

A Sector Built on Talent and Trust

Trust and talent are cornerstones of Lithuania’s fintech success. Companies that are both technologically advanced and culturally progressive are better positioned to attract top talent. Over the past five years, the fintech workforce in Lithuania has doubled, now nearing 8,000 professionals.

The average gross salary in Fintech Hub LT member companies reaches nearly €3,900—substantially above the national average. On average, each fintech company employs 27 people, with many preparing to scale further as they anticipate double-digit growth in 2024. In fact, around 60% of fintechs in Lithuania have strong growth ambitions.

Between 2020 and 2023, the sector’s revenues tripled. According to a survey conducted by Spinter Research on behalf of Fintech Hub LT, 36% of Lithuanians now actively use fintech services.

Looking Ahead: Unlimited Potential

Lithuania’s world-class digital infrastructure, clear regulatory environment, and seamless access to the EU market form a robust foundation for continued growth. The country is attracting top-tier talent, fostering innovation, and expanding its fintech ecosystem with agility.

As the global fintech market is expected to reach €1.5 trillion within the next five years, projections suggest that Lithuanian fintech revenues could rise to €7.7 billion over the same period. With momentum on its side, Lithuania’s fintech sector is well-positioned to expand its global footprint.

The journey is far from over—and the potential is virtually limitless.