Following a successful year in 2020 and its continuing expansion into Europe, B4B Payments is proud to announce further development with its recent Lithuania launch.
In November 2020, UAB B4B Payments Europe was issued with an electronic money institution licence by the Bank of Lithuania. This allows the company to offer services for processing payments throughout the European Union. Receiving this status goes some way to securing the company’s presence in the market, regardless of the UK’s exit from the EU.
B4B Payments is proud to announce that it has become a member of the Fintech association Fintech Hub LT. The association boasts nearly 50 licensed Fintech companies and aims to foster favourable conditions for Fintech activities, strengthen compliance. The head of Fintech Hub LT noted: “We are thrilled to see the rapid growth of our association and companies like B4B Payments joining us. We will continue to create value for the fintech sector, encourage AML and regulatory compliance, and ensure better conditions for licensed fintechs.”
Launching its services in Lithuania means B4B Payments can now supply businesses of all sizes in the country with its range of payment processing solutions, including prepaid cards and virtual cards to use for business payments, expenses, and employee incentives.
This development represents a significant step towards B4B Payments, increasing its presence in the Baltic region, as well as continuing to build on its expansion throughout Europe as a whole. B4B Payments’ CEO Paul Swinton said: “We’re very excited to be expanding with a permanent office in the EU market and at the same time improving the service we offer to our current clients by improving the coverage of B4B’s services.”
The launch in Lithuania and the Fintech Hub LT association’s membership shows that the company is continuing to go from strength to strength. This follows a highly productive year in 2020. During this time, B4B became a principal member of Mastercard. In addition, the company acquired electronic money institution status in the UK, expanded into the USA market and continued its expansion into Europe. This growth has included welcoming a new General Manager for Europe to the business, Vladimiras Kolesovas.
B4B Payments are thought leaders in Fintech and the corporate prepaid payments industry, with a presence in the industry for 14 years. Backed by an international team, the company is committed to supplying businesses of all sizes with innovative solutions for payments, intended to streamline and eliminate antiquated finance and accounting processes.