ArcaPay UAB, the subsidiary of ArcaPay Ltd, a UK-based and FCA regulated cross-border payments platform, has been granted a Payment Institution licence by the Bank of Lithuania.
The company, founded in London in 2011, is opening a new base in Lithuania and unveiling ambitious post-Brexit expansion plans.
According to ArcaPay’s founder Marius Bausys, a former corporate foreign exchange specialist at Lloyds Bank, this marks an important milestone in the business evolution.
“In light of Brexit, the new licence will provide regulatory certainty to us and our clients. It also ensures that we are well-positioned to maintain a rapid growth pace in target EU countries," he said.
The new entity will be headed by Virginijus Kausas, who has played a key role in ArcaPay's expansion in the EU in recent years. By establishing a base in an emerging fintech centre in Vilnius, Lithuania, ArcaPay expects to penetrate Lithuanian, Latvian, Polish and Scandinavian markets.
ArcaPay specialises in cross-border payments, foreign exchange and currency risk management solutions for small and medium sized businesses. Started as a service for friends, ArcaPay is currently used by almost 1,000 business clients across Europe. The company has seen strong organic growth and managed to double its client base in each of the past few years.