British Company Bud Chooses Lithuania as European Centre in Fintech Boom
UK company Bud chooses Lithuania as European hub amid fintech boom
Bud Financial, a financial data intelligence platform based in London, has chosen Lithuania as the location for its European hub. This decision comes in the midst of a growing fintech industry in the region. The company has obtained an AIS Provider license and is looking to expand its team in Vilnius, as it has become a “mature hub for fintech”.
The new Bud is now able to work with financial institutions in the US and Canada, as well as in the European Economic Area (EEA), opening up new markets. The company’s Lithuanian office, established last year, will focus on technical and risk roles to support its growth in the region.
Founded in 2015, Bud has evolved from a consumer financial education platform into a B2B data intelligence service provider. The company offers AI-powered service processes, leveraging insights from over 50 billion transactions to help customers make better decisions, personalize customer experiences, enhance marketing strategies, and improve credit card risk management.
Edward Maslaveckas, co-founder and CEO of Bud, expressed excitement about the new license, emphasizing the opportunities for European banks and fintechs to partner with Bud to enhance customer experiences and improve commercial outcomes through the use of under-utilized customer data.
The decision to establish Bud’s European headquarters in Lithuania was influenced by several factors, including access to technology experts with finance experience, a mature financial ecosystem, and a robust regulatory environment. Elijus Civilis, General Manager of Invest Lithuania, described the country as a “mature fintech hub” and a “growing hotspot” for AI development.
As Bud continues to expand, the company plans to hire additional staff in Vilnius to meet regulatory requirements and support commercial growth in the region. The company has already hired technical, compliance, and data analytics team members, with plans for further expansion.
Bud has successfully raised funds from prominent financial giants, with HSBC, Goldman Sachs, and ANZ participating in a $20 million financing round in 2019. In a rapidly growing fintech landscape, Lithuania continues to attract companies in the financial sector, as evidenced by the increasing number of fintech companies and blockchain industry participants in the country.
