Bud Financial, a London-based financial data intelligence platform, is set to establish a European hub in Vilnius after receiving an Account Information Service (AIS) Provider license from the Bank of Lithuania.

Bud Financial Expands European Presence with New Lithuanian Hub

The newly granted license enables Bud to collaborate with financial institutions across the European Economic Area (EEA), opening up new market opportunities. Established last year, the company's Lithuanian office 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 to a B2B data intelligence service provider. The company's AI-powered service processes over 50 billion transactions, offering insights that enable clients to personalize customer experiences, enhance marketing strategies, and improve credit risk management .

"This license is more than a regulatory milestone,” Edward Maslaveckas, Co-Founder and CEO of Bud, commented. “It's a chance for forward-thinking European banks and fintechs to work with Bud and make a real difference to their customer experience, and their bottom line, by making the most of otherwise underutilized customer data."

Lithuania's selection as Bud's European base was influenced by several factors, including access to skilled technology professionals with financial experience, a robust financial ecosystem, and a mature regulatory environment. This is confirmed by the opinion of Elijus Čivilis, General Manager at Invest Lithuania, who describes the country as a "mature fintech hub" and a "growing hotspot" for AI technology development.

The company, which currently employs around 100 people across the UK, US, and Lithuania, plans to expand its Vilnius team in line with regulatory requirements and commercial growth in the region. Bud has already hired technical and compliance team members in Vilnius and intends to further strengthen its presence with additional hires in compliance, data analysis, and commercial functions.

“Our platform leverages AI, machine learning, and natural language processing technologies for in-depth analytics,” commented Tadas Miniotas, Engineering Director and Bud Lithuania CEO. “With over 50 billion transactions processed, our intelligence helps clients hyper-personalise their customer experience, create impactful marketing to win greater share of wallet, and manage credit risk more effectively.”

In the past, Bud successfully secured funding from many prominent giants in the financial market. In 2019, it successfully completed a Series A funding round worth $20 million, which included participants such as HSBC, Goldman Sachs, and ANZ.

Lithuania Attracts Financial Sector Companies

According to the Invest Lithuania report titled “Fintech Landscape”, as of the end of 2023, there were 276 fintech companies operating in Lithuania, showing a consistent upward trajectory from just 55 in 2014. Among those who established a presence in Lithuania years ago is the British neobanking giant, Revolut.

Lithuania has been particularly successful in attracting businesses focused on blockchain and cryptocurrencies. The percentage of such companies rose from 8% in 2022 to 13% in 2023. An example of one such company is the crypto bank Meld, which recently obtained a virtual asset service provider license in Lithuania. In March of this year, it expanded its offerings to include tokenized real-world assets (RWAs).

The local market also saw the arrival of the Bitget exchange, which in recent months has been focusing on expanding its offerings in Europe