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Lithuania makes a pitch for post-Brexit UK fintech firms

02 December 2016  |  6703 views  |  0 Blurr Business People Walking 2

Lithuania is looking to become the destination of choice for UK fintech firms seeking EU passporting rights in post-Brexit Britain.

The Bank of Lithuania, Invest Lithuania, and local law firm Sorainen, will be talking up the benefits of the country next week at an event at UK accelerator space Level39.

The move comes as the country prepares a new regulatory regime, easing access to official authorisation for innovative startups.

The country is promising one-week pre-approval for FCA authorised firms, and a three-month wait for receipt of a full license. It also offers regulator-run API access to Sepa payments for non-banks.

Invest Lithuania says that London-run Revolut and Contis Group have already secured passporting rights from Lithuania, while Germany's Wirecard is also recommending the country as a destination for fintech clients seeking authorisation.

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