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.

The newly granted license allows Bud to work 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 provider. The company’s AI-powered service processes more than 50 billion transactions, providing insights that help customers personalize customer experiences, improve marketing strategies, and improve credit. risk management .

Edward Maslaveckas, co-founder and CEO of Bud

“This license is more than a regulatory milestone,” said Edward Maslaveckas, co-founder and CEO of Bud. “It’s an opportunity for forward-thinking European banks and fintechs to work with Bud and make a real difference to their customer experience and bottom line by capitalizing on otherwise underutilized customer data.”

The choice of Lithuania as Bud’s European base was influenced by several factors, including access to qualified technology professionals with financial experience, a robust financial ecosystem, and a mature regulatory environment. This is confirmed by the opinion of Elijus Čivilis, General Director of Invest Lithuania, who describes the country as a “mature fintech hub” and a “growing hotspot” for the development of AI technology.

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

Tadas Miniotas, Technical Director and CEO of Bud Lithuania

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

In the past, Bud has successfully secured funding from many major financial market giants. In 2019, completed successfully a series A funding round worth $20 million, with participants including HSBC, Goldman Sachs and ANZ.

Lithuania attracts financial sector companies

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

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

The local market has also seen the arrival of Bitget exchangewhich in recent months has aimed to expand its offering in Europe

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.

The newly granted license allows Bud to work 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 provider. The company’s AI-powered service processes more than 50 billion transactions, providing insights that help customers personalize customer experiences, improve marketing strategies, and improve credit. risk management .

Edward Maslaveckas, co-founder and CEO of Bud

“This license is more than a regulatory milestone,” said Edward Maslaveckas, co-founder and CEO of Bud. “It’s an opportunity for forward-thinking European banks and fintechs to work with Bud and make a real difference to their customer experience and bottom line by capitalizing on otherwise underutilized customer data.”

The choice of Lithuania as Bud’s European base was influenced by several factors, including access to qualified technology professionals with financial experience, a robust financial ecosystem, and a mature regulatory environment. This is confirmed by the opinion of Elijus Čivilis, General Director of Invest Lithuania, who describes the country as a “mature fintech hub” and a “growing hotspot” for the development of AI technology.

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

Tadas Miniotas, Technical Director and CEO of Bud Lithuania

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

In the past, Bud has successfully secured funding from many major financial market giants. In 2019, completed successfully a series A funding round worth $20 million, with participants including HSBC, Goldman Sachs and ANZ.

Lithuania attracts financial sector companies

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

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

The local market has also seen the arrival of Bitget exchangewhich in recent months has aimed to expand its offering in Europe

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