Verse, the development of current accounts towards a payment tool that wipes out the friction of financial transactions between friends and in shops, has become the first Spanish Fintech to obtain a licence from the Bank of Lithuania (Lietuvos Bankas). This licence authorizes it to operate not only in Lithuania but in the entire European Economic Area. Verse will also be able to manage the day-to-day transactions of the more than five hundred thousand millennials that already use its platform with no link to traditional banking.
Telefonas
© DELFI / Kiril Čachovskij

This licence opens the door to the Lithuanian Fintech ecosystem for Verse to join other internet giants such as Google, who have chosen Lithuania as the hub for their Fintech operations. Operating legally from Lithuania “will give us freedom of action in all European countries, including access to the EU’s instant payment infrastructure. Lithuania has created the most agile and efficient Fintech ecosystem in Europe”, explains Bernardo Hernández, president and CEO of Verse, informs Invest Lithuania in a press release.

Verse is committed to this Baltic country, and specifically on the Bank of Lithuania, as it is leading the tendency to attract Fintech within the future European borders, only surpassed by the United Kingdom in the granting of these licences.

The Fintech player, in its commitment to managing payments throughout Europe, has opened a compliance department in the country to ensure compliance with the applicable regulation in the sector. The expansion will begin with the hiring of a senior manager for the Lithuanian office.

Verse will also be integrated into the CENTROlink clearing system for SEPA credit transfers throughout Europe.

Ever since Bernardo Hernández, a businessman and former Google and Yahoo executive, took over the company 18 months ago as CEO and President, the number of Verse users making transactions every month has multiplied by 8. This increase has enabled Verse to multiply by 17 the volume of operations carried out in the last year and a half, reaching a total volume of 150 million euros.

“It is a crucial moment for money and technology. The elimination of intermediaries in the relationship between the supplier and the consumer, as seen in other industries such as telecoms or the media, has reached the banking business. Interrupting the direct contact between traditional banks and customers will trigger the Fintech revolution and, at Verse, we count on being a key player in this change,” says Bernardo Hernández.

The development of the technology Verse relies on allows managing money daily without necessarily depending on a bank. This application, which adapts to the usage habits of the new generations, is redefining the financial behaviour of the consumer to the point that something so intimate as payments is acquiring a social dimension. In particular, 75% of Verse users disclose the payment reference of their transactions, and many of them even use the popular emojis.

“The viability and potential of innovative sectors to grow is often demonstrated by the criteria of internationalization, that is, whether the country‘s ecosystem is attractive to foreign companies and talents. The decision of the first P2P payments startup from Spain and one of the most promising fintech startup Verse to come to Lithuania proves the potential of the Lithuanian fintech and startups ecosystem because this is the ecosystem that is chosen by the most promising players on the market,” states Virginijus Sinkevičius, the Minister of Economy and Innovation of Lithuania.

“The viability and potential of innovative sectors to grow is often demonstrated by the criteria of internationalization, that is, whether the country‘s ecosystem is attractive to foreign companies and talents. The decision of the first startup from Spain and one of the most promising fintech startup Verse to come to Lithuania proves the potential of the Lithuanian fintech and startups ecosystem because this is the ecosystem that is chosen by the most promising players on the market,” Mantas Katinas, General Manager of Invest Lithuania, believes.

The comfort and usefulness of managing money at Verse have meant that more than 500,000 registered users have moved more than 150 million euros to date, and 9 out of 10 transfer 25% of their payroll to Verse for shared daily activities such as the weekly shop, a birthday gift or travel expenses.

It is forbidden to copy the text of this publication without a written permission from DELFI.

Nauseda: EU will approve Brexit deal, doubts remain on UK parliament

EU leaders will likely to smoothly approve the recently-reached Brexit deal on Thursday but doubts...

Cabinet approves new car pollution tax

The Lithuanian Cabinet approved on Wednesday a new tax aimed at encouraging people to buy less...

Alcohol, tobacco and diesel fuel excise tax hikes approved

The Lithuanian Cabinet decided on Wednesday to raise the excise duties on strong alcohol , diesel...

President proposes new measures to block Astravyets electricity

Lithuanian President Gitanas Nauseda on Wednesday proposed new measures to block imports of...

Government considers 2020 budget with revenue and expenditure going up

The revenue and expenditure of Lithuania's 2020 state budget , including EU and other international...