Fintech in Lithuania


Ellex’s sizeable team has been assisting clients with banking licences and e-money licences recently. Its client roster includes big names such as Revolut and Visa Payments. Ieva Dosinaitė has been advising international clients on their entry into the Lithuanian market, as well as undertaking work for domestic clients such as Lithuania Post. Banking and finance head Giedrius Stasevičius is also very active in the fintech arena, and has particular expertise in advising international clients.

Practice head(s):

Ieva Dosinaitė; Giedrius Stasevičius


‘I have worked and still am working with the firm on several items with different team members, so far – everyone is top of the client’s needs, agenda etc. They are the people who love their jobs!’

‘Experienced team with excellent knowledge of the industry, legal requirements, and processes in Lithuania.’

‘We had introductory calls with all of the top legal firms in Lithuania and Ellex was the standout. ’

‘The entire team are very well-coordinated, it is a pleasure to work with them, because they always are ready to help in all kind of problems in no time. They have deep knowledge not only in legal matters related to licensing, but and in IT matters, which are essential for our business. ’

‘Ieva Dosinaitė is a very capable person, we are very lucky to have such a great legal and business advisor as her. During all this time we never had even the smallest doubt in her abilities, because she always makes the best result in all the most difficult problems.’

‘Strong client service ethos, responsive and with genuine expertise to back it up.’

‘Ieva Dosinaitė is a stand out partner.’

Key clients

PayRay UAB

Lithuanian Post, AB

Visa Payments Limited and Visa International

Revolut Payments UAB and Revolut Bank UAB

Nikulipe UAB

Sollo UAB

UAB ConnectPay

Bancibo S.E.

Arival Pte. Ltd.

Bergwand GmbH

Finora Capital AS

Investment Evolution Corporation

General Financing

Work highlights

  • Advised Arival on various regulatory and licensing matters in Lithuania.
  • Assisted Nikulipe UAB with obtaining an electronic money institution license in Lithuania.
  • Advised Finora Capital AS, an Estonian-based financial institution, on all specialised banking license obtainment matters.


Pan-Baltic firm Sorainen has a sizeable footprint in the Lithuanian fintech market, as has been evidenced by its work for the Lithuanian government, which recently included advising on its guidelines on tokenised IPOs. Also notable is that the firm is an official partner of the Wise Guys Fintech 3 accelerator programme, which is an initiative set up to encourage startups to set up in Lithuania. Managing partner Tomas Kontautas, who formerly worked for the financial regulator, has been very active in assisting international companies with obtaining e-money licences. He co-heads the practice with ex-banker Augustas Klezys, who is similarly well-placed to handle complex licensing and regulatory issues.

Practice head(s):

Tomas Kontautas; Augustas Klezys

Key clients

CBI Money

E4F Money

Verse Payments Lithuania

Flywire Europe

Opal Transfer

Work highlights

  • Advised electronic money institution Verse Payments on its acquisition of bySquare .
  • Advised Flywire Payments on obtaining an electronic money institution licence in Lithuania.
  • Advised CBI Money on obtaining an electronic money institution licence in Lithuania.


At WALLESSJoana Baublyte-Kulviete has a strong track record in handling licensing issues, which was showcased by her assisting the capital financing company PayRay with obtaining a full banking license from the Bank of Lithuania and the ECB. Gediminas Rečiūnas has been advising both local and international players on being granted e-money licences.

Practice head(s):

Joana Baublyte-Kulviete; Gediminas Rečiūnas


‘This law firm has gathered the best talents on the market.’

‘The team had in-house expertise and in-depth business understanding’.

Key clients


RATO Credit Union






Ambr Group



General Financing

Work highlights

  • Assisted PayRay with obtaining a full banking license from the Bank of Lithuania and the European Central Bank
  • Advised Square on its indirect acquisition of Lithuanian based e-money institution Verse Payments Lithuania.
  • Assisted SumUp Group with setting up a subsidiary in Lithuania and obtaining an electronic money license for it.

ADON Legal

ADON Legal is uniquely positioned in the market, with fintech being a core area of focus at the firm. Its client base includes e-money institutions, asset management firms, financial brokers and consumer credit providers. The team’s skill set covers regulatory compliance, licensing, financing transactions, as well as the introduction of new products. Donatas Šliora is highly skilled in regulatory and licensing issues, and has the added advantage of being a certified anti-money laundering specialist.

Practice head(s):

Donatas Šliora


‘We have been in touch mainly with ADON’s managing partner Donatas Šliora. I believe they have as great a team as their leader is.’

‘Very prompt responses with a great sense of subject and lots of significant details from Donatas.’

‘They are unique in their concentration on financial institutions, they are detail-oriented and understand the specifics of our business.’

‘We are highly satisfied with the level of professionalism of Donatas Sliora and his in-depth sector-knowledge.’

‘ADON legal’s team is not big but is agile and really helpful in solving any issues. Team’s specialization is in FinTech, so they closely follow all the latest regulatory changes and can provide well-informed advice in a timely matter. They also have a good relationship with notaries, which is based on trust and in many cases it is a lifesaver when compared to visiting notaries that you don’t know.’

‘The main person we deal with is partner Donatas Šliora, who is highly professional and knowledgeable in the field of fintech. Donatas has a good relationship with the regulator of financial institutions – the Bank of Lithuania. This aspect is quite important because regulation of fintech is changing very fast, so it is desirable to be ahead of this wave of changes. Apart from that, Donatas is doing a really remarkable job in meeting the needs of the client, is quite flexible and very hard working, sometimes even during day-offs to meet the deadlines.’

‘The team is very quick in response and ready to help 24/7. The thing which makes co-operaton with ADON Legal unique is that team always puts themselves into the customers’ shoes and offers the best solution. ’

‘The approach of ADON legal team is special in the way that they invest time and effort into relationships with their clients, which gives the client a confidence that the task given to them will be processed properly and professionally.’

Key clients

Protean Risk Ltd

Baltic Underwriting Agency, AB (BUNDA)

Šeili , UAB

Rebellion Fintech Services, UAB

IBS Lithuania, UAB

Payapp Digital, UAB

B2B trade payment solutions AB / Scandiv Borderless Payment Services, UAB

UAB M S Finance


Global Tech Finance, UAB

Arcapay Ltd

UAB “Kredito partneris”

Work highlights

  • Advised Protean Risk Ltd on the adaptation of PSD Bond (an insurance contract) to Lithuanian law requirements.
  • Advises Amedici on structuring of an integrated e-money and financial brokerage firm platform.
  • Advised Šeili, UAB on structuring its activities as a consumer credit and mortgage credit provider and obtaining the required licences.


Cobalt is a well-established name in Lithuania’s fintech market and most notably has its own Blockchain Task Force, which advises clients through all stages of initial coin offerings. Equally strong advising investors and fintech companies, the team’s workload primarily involves corporate transactions and financings, as well as applications for e-money licences. The team is led by Akvilė Bosaitė and Eva Suduiko, with Bosaitė focusing on licensing matters, while Suduiko handles corporate and banking transactions. Managing partner Irmantas Norkus is also highly active in licensing and transactional matters.

Practice head(s):

Akvilė Bosaitė; Eva Suduiko

Other key lawyers:

Irmantas Norkus

Key clients

B4Payment GmbH (SEPAexpress)

Earthport PLC (bought by VISA)

TeslaPay, UAB

Elcoin, UAB

ValorPay, UAB

Wittix, UAB


Finolita Unio, UAB

Wallter, UAB

Paydoo Payments, UAB

Glocash Payment, UAB

Work highlights

  • Advised B4payment GmbH on the acquisition of MoQ.
  • Advised Earthport on obtaining of a payment institution licence.
  • Advised Earthport PLC on the sale of its business, including Earthport Payment Services, UAB, to VISA.

ECOVIS ProventusLaw

ECOVIS ProventusLaw operates under the leadership of Inga Karulaityte-Kvainauskiene, who is highly experienced in licensing issues and has advised the Lithuanian government on legislation against money laundering and financing terrorism. The team has been advising on registration, licensing and consulting issues for e-commerce companies, securities trading platforms and crowdfunding services providers.

Key clients

UAB “Rebellion Fintech Services”

UAB Guru Pay

UAB Paytend Europe

International Payment Union

Sesame Internet Technology

UAB „Finansinės paslaugos “Contis“


Raison Global Holdings LLP

Payment Rails Inc.


Work highlights

  • Advised Contis on obtaining an e-money licence.
  • Assisted Sesame Internet Technology with its entry into the Lithuanian market.
  • Advised Guru Pay on obtaining an e-money license.

Law Firm TESET

Law Firm TESET has earmarked alternative financing as a key area of interest, particularly in the areas of crowdfunding and peer-to-peer lending platforms. The team is also known to handles issues surrounding 'insurtech' as well as anti-money laundering compliance. Tomas Talutis leads the practice and is highly skilled in licensing and regulatory compliance.

Practice head(s):

Tomas Talutis

Key clients

ConnectPay UAB

8 Stars UAB

Workpower UAB (Ooniq)

Finbro UAB

Finance Engineering UAB

Fjord Bank AB

Work highlights

  • Advised 8 Stars UAB on obtaining the licence for crowdfunding activity.
  • Advising Finbro UAB on establishment and activity of Internet based financial services platform.
  • Advised ConnectPay on extending the scope of its electronic money institution licence.

TGS Baltic

TGS Baltic works for a broad mix of clients ranging from international companies (such as Revolut and Opera) to local start-ups, with particular strengths in areas such as e-money, e-commerce, P2P lending and crowdfunding. Practice head Žygimantas Stankevičius is uniquely qualified to represent financial institutions, having previously worked as head of legal at Luminor Bank.

Practice head(s):

Žygimantas Stankevičius


‘A wide range of experiences solving cross-border and cross-industry legal problems. The depth of knowledge and proven experience in the area of law or type of matter relevant to our needs. Exceptional quality services.’

‘Exceptional quality services. Reliability. Eagerness to help. Caring for their clients.’

Key clients



European Merchant Bank (European Merchant Bank, UAB)



Work highlights

  • Acted for Opera Limited on the acquisition of Fjord Bank.
  • Advised Revolut on developing its lending and payment products.
  • Advised European Merchant Bank on commercial law issues related to SME lending.

Triniti Jurex Law Firm

Triniti Jurex Law Firm's team is adept at advising on e-money licensing matters, as well as peer-to-peer lending and blockchain. Linas Sabaliauskas is heavily involved in the fintech space and advises both local startups, as well as international clients entering the market. He works with Giedrė Čiuladienė, who formerly held a role as head of legal at a major private equity fund.

Practice head(s):

Linas Sabaliauskas

Other key lawyers:

Giedrė Čiuladienė

Key clients

GoSystems (TransferGo), UAB

Flutterwave, Inc.

Velvet Company OÜ

Rato Credit Union

Millo Appliances, UAB

Biomatter Designs, UAB


Work highlights

  • Advised U.S. payment technology company Flutterwave on obtaining an electronic money institution licence.
  • Advised local blockchain company Velvet on obtaining an electronic money institution licence.
  • Advised ONDATO on its application procedure for a payment institution licence.