Lithuania has made rapid progress in streamlining its regulatory framework for fintech companies, and according to CEO of Simplex, Nimrod Lehavi, this played a decisive role in the company choosing Lithuania. “For us, the time required to get a license as a payment institution was of the utmost importance. And Lithuania has the fastest issuing process in the EU,” says Mr Lehavi. “On top of that, the people we met during our first visit to Lithuania made a great impression. Their positive attitude towards us and their willingness to help reassured us that the decision to set up in Lithuania was the right one.”
Simplex provides online businesses with a fraudless credit card processing – ability to accept credit card in a way that is secured against fraud. Its platform is unique in that it does not try to change the behaviour or habits of the buyers, it simply operates as processor of all payments. In this way, it provides a discrete way for companies to eliminate the risks associated with crediting payments and operate in a world without fraud, without damaging overall conversion.
The division in Lithuania will be in charge of the sales of Simplex’s services in the domestic market, plus supervision of global operations conducted by the start-up.
This new arrival to Lithuania’s fintech sector is set to add even more momentum to this rapidly developing business area for the country. “Lithuania’s fintech cluster is growing at a blistering pace,” says Mantas Katinas, Managing Director of Invest Lithuania. “Having started with a few Lithuanian companies, the sector now has companies providing services on a global scale. These pioneering companies, plus a number of others who are set to start operations in Lithuania imminently, mean the sector now provides a whole spectrum of services to clients across the world.” While pleased with the progress made in this field, Mr Katinas is acutely aware that attracting fintech companies is becoming increasingly competitive. “We shouldn’t forget that global leaders in finance – the likes of France and Singapore – are constantly improving their offers to the companies in this sector. So, we need to continue to work on further improving the conditions for fintech companies here in Lithuania,” he concludes.
Founded in 2014, Simplex has already attracted €8.5 million in investment from risk capital funds and private investors.