TECHNOLOGY

VILNIUS , LITHUANIA

Number of fintechs : 64 It ’ s the sort of place that many people couldn ’ t place on a map , but that hasn ’ t stopped Vilnius from making a name for itself in the fintech space . This tiny Baltic capital of around half a million people might not seem an obvious choice for fintechs – but once you get down into the detail , it soon becomes clear why more than 60 of them are headquartered there .

Traditionally a meeting point between East and West , much has changed in Lithuania over the last three decades . Young Lithuanians today are digitally savvy , multilingual and well educated . Among 25-34 year olds , more than 50 % completed tertiary education – the highest figure anywhere in Europe – according to the OECD .

And it ’ s not just homegrown talent that is making Vilnius a fintech leader . According to Vilnius-based law firm Exe . Legal , “ one of the key contributing factors to the growth of Lithuania ’ s fintech ecosystem has been the progressive regulatory policies of the Bank of Lithuania ,” which have helped to attract large amounts of inward investment over the last few years .

Kevin , a fintech which provides payments infrastructure for merchants ; and Bankera , which offers digital bank accounts and virtual cards , both call Vilnius home .

TWO DEVELOPERS , DICUSSING TRANSACTION PROCESSES , VILNIUS , LITHUANIA