Curve has taken a page from Revolut’s playbook by setting up a subsidiary in Lithuania in an effort to ensure access to the EU after Brexit.
Revolut has previously set up a branch in Lithuania, using the country foothold to drive its European expansion on the back of the neobank getting a European banking licence in 2018.
UK-based banking platform Curve said that decided to launch in the country for two reasons, firstly because it would enable the startup to keep serving customers across the EEA past the end of the Brexit transition period, and because of the nation’s strong anti-money-laundering competencies, FinTech friendly regulator and diverse workforce.
“We chose Lithuania as a gateway to Europe because of the ease of business there, its welcoming culture and world-class AML standards,” said Shachar Bialick, founder and CEO of Curve, when speaking with Invest Lithuania.
“On behalf of everyone at Curve, I’d like to thank those involved in making Curve’s application a success, including the Bank of Lithuania and Invest Lithuania. I’m excited about the huge boost to the Curve platform that our license in Lithuania will give to our growth and ability to serve customers around Europe.”
On the back of it expanding to the country, Curve intends to invest in scaling up its AML, compliance and risk management operations from Lithuania base. The company is also assessing what other business streams can be established in its Vilnius office, as it grows across Europe.
“The fact that Curve chose Lithuania testifies to our strengths, which include innovation-friendly regulation and one of the most vibrant FinTech communities in Europe,” said Mantas Katinas, general manager of Invest Lithuania. “We are certain that Curve’s seal of approval will encourage other disruptive companies in the field of finance to tackle the EEA market from Lithuania.”
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