Source: W1TTY
W1TTY, a clever mobile partner that provides a full suite of attractive finance products and services, announces that its subsidiary Witty Global UAB has received authorization from the Lithuanian regulator to operate as an Electronic Money Institution (EMI) in the European Economic Area.
W1TTY was granted the license in just 6 months from application submission.
As the name suggests, W1TTY will have an innovative and smart approach to finance, supporting the lifestyle needs of its merchants and consumers. Differentiated through cost saving innovations, financial management guidance and attractive customer engagement programs, W1TTY will focus on targeting students, GEN Z, SMEs and growing businesses. All via an intelligent yet fun W1TTY App.
With market statistics supporting this need, Ammar Kutait, Founder & CEO of W1TTY said: “Over 40 million people in the EU are unbanked, and only 8% of Millennials believe they have the financial literacy needed to deal with unexpected financial events.
These, and other market pain points such as elevated overdraft fees and interest rates, inadequate levels of customer support by both legacy and digital banks, in addition to irresponsible lending, have been the main drivers behind developing W1TTY. We are excited to receive our EMI license in such a short period of time. It gives us confidence that our business model and unique DNA is heading in the right direction to offer Smart finance for Every1.”
W1TTY plans to launch its financial mobile App in the second half of this year.