“These changes have made the market more liberal. Firstly, e-money institutions have become more competitive and can offer accounts not only for existing companies but also for ones just being established. Essentially, the opportunity has emerged to establish a relationship with a business from its very founding and not just by luring the company over from another bank,” Vytautas Karalevičius, one of the co-founders of Bankera, says.
From the perspective of an emerging business, if a bank does not service a company because of the nationality of its owners or beneficiaries or its business model, businesses still have the option of opening a savings account at an e-money institution. This also contributes to increasing Lithuania’s competitiveness as a country that is favourable to start-up companies.
Savings accounts for foreign companies – a common practice
While companies established in Lithuania have only been allowed to open savings accounts with e-money institutions beginning this year, Bankera already has experience in opening savings accounts for companies operating in other countries.
“For example, in Estonia, the option for new companies to open savings accounts at e-money and payment institutions has been available for a few years now. Thus, those looking to establish companies in Estonia or other countries are glad to use the services offered by Bankera,” V. Karalevičius says.
A full range of services for new businesses
Bankera offers new businesses not only the option of opening a savings account but also a full range of other financial services needed to launch a business.
Firstly, Bankera’s payment services have some of the most competitive rates on the market. Companies founded in Lithuania only have to pay 10 cents for outgoing payments into other European (SEPA) banks and the monthly account maintenance fee is only 5 euros. Meanwhile, incoming payments from other Lithuanian and European (SEPA) banks are received free of charge for Bankera business clients.
Bankera also offers Visa payment cards to private individuals and will soon offer them to business clients as well.
Furthermore, Bankera is one of the few fintech companies to offer business loans alongside a payments account. Start-up businesses can thus obtain loans to finance both business development and their working capital.
Private and business clients using Bankera’s payment account services can perform SEPA and SWIFT transfers at competitive rates. For small and medium-sized enterprises in Lithuania, Bankera offers accounts, business development, and financing solutions for transitioning operations online.
The fintech company Bankera was founded by three Lithuanians: Justas Dobiliauskas, Mantas Mockevičius, and Vytautas Karalevičius. In April, the small and medium-sized enterprise solution created by Bankera for a hackathon organised by the European Commission was recognised as the best in the Digital Finance category. At the Fintech Week Lietuva event held in Lithuania in June, Bankera was recognised as having created the best fintech solution for businesses.
Bankera was the only Lithuanian company represented in 2019 Fintech100: Leading Global Fintech Innovators fintech innovator ratings compiled by international audit, tax, and business consulting firm KPMG and the venture capital fund H2 ventures, ranking at 42nd place.
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