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Friday, 29.03.2024, 11:47
Israeli Fintech Simplex Establishing Lithuanian branch
The company plans to employ around 20 experts in sales, support, Fraud analysis, marketing, information technologies, data analytics, quality supervision and finance in the coming couple of years.
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.