News

Fininbox Doubled Revenue in 2020

The company managed to double its revenue for the third straight year to reach 1.4 million euros in 2020. This represents a steady increase when compared to the years before: Fininbox’s revenue reached 720 thousand euros in 2019, while the number was 350 thousand euros in 2018.

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Fininbox is digitizing services of RATO Credit Union

One of the largest credit unions in Lithuania, the RATO Credit Union, which seeks to become a specialized bank, invests in broadening the range of the offered services and moving of a part of them to the electronic space. Undoubtedly, this will serve for promotion in the market – information technologies ensure the efficiency and promptness of customer servicing.

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In Fintech-savvy Lithuania the IT side of licensing is easier too

Fintech has done well amid the coronavirus pandemic as e-money use grows along with other forms of contactless living, and Lithuania, a European star of the industry where welcoming Fintechs is a national priority, continues to attract international players. That is largely due to the straightforward processes and the help that is available for getting licensed and up and running in the Baltic nation – including for often overlooked but vital matters of technological capabilities and compliance.

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To Avoid Floods, Go Cloud

The last decade has seen a gradual shift from private, in-house data centers to SaaS (software as a service)–a cloud-based IT infrastructure that offers software system access using a subscription model. This approach allows businesses to reach a variety of software programs through a browser without setting everything up on company hardware.

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3 Pitfalls to Avoid while Building a Challenger Bank

Building a neobank comes with a set of challenges, however, avoiding the main pitfalls, such as over-focusing on marketing while neglecting product development, dismissing possible partnerships without considering the potential benefits, and overstaying in the local market, increases the probability of launching a profitable company, capable of establishing a strong market presence.

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IT solutions able to accelerate distribution of business support are already available

Anton Zujev, head of the sales and business development of Fininbox banking software, states that technical barriers must not be the main impediment to the process of distributing business support, as the necessary IT and financial services solutions are already on the market – all it takes is just use them.

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Software as a Service For Banks: Key Features

SaaS (Software as a service) is a cloud-based IT infrastructure that offers software system access based on a subscription model. This allows accessing a variety of software programs through a browser without needing to have everything set up on company hardware. When it comes to banking and financial services, SaaS solutions have been particularly helpful in developing the sector’s IT infrastructure. These include advancements in open banking, digital payments and many more.

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Scaling Fintechs: How Companies Can Streamline Launching Operations in the EU

As Fintech companies are expanding their services globally, European Union has become attractive for new launches and expansions. According to Statista, the total value of quarterly investments in Fintech businesses in this continent was 3.9 billion U.S. dollars as of the second quarter of 2019. Moreover, the global success of EU-based Fintech companies, such as TransferWise or Klarna has been no smaller encouragement for the expansion there. However, an expansion to EU or across EU could be complicated: new businesses must be able to adapt to different regulators and laws, making the procedure time sensitive and costly. 

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The growing number of electronic money institutions in Lithuania has encouraged to create of a new service

Fininbox, a company offering the banking system as a service, has introduced a new accounting service developed for electronic money institutions (EMIs) licenced in Lithuania.

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A need for reliable IT solutions among providers of retail financial services is growing

According to the Bank of Lithuania statistical data, the number of electronic money institutions (EMIs) operating in Lithuania, in 2018 increased from 12 to 40, and the sector's revenue from electronic money issuance and payment services jumped to 6.4 million euro. The ever-changing situation in the market has prompted the Forbis Group’s company – House of Credit Unions, where EMIs comprise 58% of the customers – to make the rebranding. Now it is called Fininbox.

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