Lithuanian fintech companies showed an 80% revenue increase in the first half of 2022

Lithuanian fintech companies showed an 80% revenue increase, compared to the same period in 2021, reaching €375M. The data is provided by the government investment promotion agency @invest_LT Invest Lithuania, which made the sixth annual report of the fintech landscape 2022-2023. According to the report, the top 10 highest-growth licensed fintech companies in Lithuania posted triple-digit increases in revenue in 2022.

The total amount of funds raised by fintech companies was €67,9M, with €61,6M, received by PSD2 payments solution for mobile payments Kevin. 28% of financing was provided by venture capital funds and 24%- by angel investors.

The report showed that there was no significant growth in the number of fintech companies in 2022, the number of which reached 263, compared to 265 in 2021. The number of employees increased by 19% more, up to 7K, compared to 5,9K in 2021. 

Lithuania became the leader in the European Union by licenses issued, according to the platform for banking and financial data EUCLID developed by the European banking authority.  More than this, the country is one of the lowest-risk jurisdictions in the world (8th place), according to the Basel index (ranking of money laundering and terrorist financing risks around the world). According to the Bank of Lithuania, local fintech companies have served over 25M customers last year.