Railsbank, a leading UK-based open-banking and RegTech platform, has opened a new office in Vilnius, Lithuania, a press release from Invest Lithuania states.
© Vida Press

The new office has been established to expand the company's engineering team. Railsbank has recently hired seven new engineers in Vilnius and has plans to grow the headcount significantly over the coming years.

Nigel Verdon, co-founder and CEO of Railsbank, said: "I have worked for many years with Lithuanian development teams, and value their skill-sets and experience. The new office is a natural step in the Railsbank growth strategy which is designed to continually improve and add value to the services we offer our customers. It also comes just before our launch into Asia and the USA."

Lithuanian-born Vaidas Adomauskas, Head of Product at Railsbank, was instrumental in establishing the new office. He has strong links with the Lithuanian FinTech developer community and will operate from there and the Railsbank London HQ.

Before joining Railsbank, Vaidas was co-founder and CEO of WoraPay – a FinTech startup. Vaidas said: "It is great to have the office in Vilnius, as it enhances our services for many of our customers and also means we have recruited some of the most talented developers working in the sector today and can attract more. We can also continue to work closely with the Bank of Lithuania and the Single Euro Payments Area (SEPA)."

"When we're talking about bringing foreign direct investment in the context of Brexit, we oftentimes forget one key piece to the puzzle – Lithuanians working in cutting-edge UK companies who often become one of the main reasons for said companies to choose Lithuania. Thus, consistent work with Lithuanians abroad is an important part of the investment attraction strategy, and this year multiple success stories have already proven that these efforts yield results," states Virginijus Sinkevičius, the country's Minister of Economy.

"Last year, the number of financial technology companies in Lithuania increased by more than 40%, and with such innovative companies as Railsbank choosing our country, this growth trend is bound to continue," Mantas Katinas, Managing Director of Invest Lithuania, says.

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