Lithuania's startups are on the rise with fintechs showing the way. There's hope the sector could become an economic backbone. But more young tech companies will need to take the leap.

Vilnius

Lithuania is positioning itself as a major European startup hub, particularly in the fintech sector. In Vilnius, a new technology center called Tech City is under development, expected to host 5,000 workers and attract significant investment. The country has issued over 280 fintech licenses, the highest in the EU, after streamlining regulations to encourage innovation. Entrepreneurs cite Lithuania's small size and close connections with regulators as advantages for rapid development and problem-solving. However, despite the supportive environment and existing success stories, Lithuania still faces challenges in attracting larger investment volumes and scaling up startups to unicorn status. Government funding, especially for deep tech and defense sectors, is seen as crucial for future growth.

Lithuania's fintechs fuel startup boom

This is set to become Europe's biggest start-up hub – Tech City in the Lithuanian capital of Vilnius. The 55,000 square metre site will host roughly 5,000 workers once it's completed in 2028. One of Tech City's co-founders tells us why they decided to pitch camp in this former sewing factory. The office with high ceilings like we have here is very important because it's a cathedral effect. It's proven by science that it's boosting your creativity. Airport is nearby, train station is nearby and it's very convenient in the middle of the city. The entrepreneur and his business partners are investing 100 million euros in the hub, which they think could one day be a driver for Lithuania's economic growth. We do not have natural resources. We do not have a lot of people. So we need to be very, very good at something. And I think in building a start-up we are very good because we know how to work hard. A lot of people talk English. In 2030 we will manage to achieve 25% of our GDP from the start-up sector. Wow, that's very ambitious. Very ambitious. Now it's at 5%. Lithuania only makes up for less than 1% of the EU's GDP and its population. But the country tops the EU charts when it comes to fintech licences. It has issued more than 280 of them. This came after Lithuania streamlined its regulations a decade ago. Rentgen was one of Lithuania's first fintechs, a crowdfunding platform for investment in real estate set up in 2017. It now has an annual turnover of 2 million euros and 17 employees. Its founder says the country's small size is a clear advantage. We can access direct conversations with the Bank of Lithuania or ministries and have a good relation with them. So it allows a lot faster innovation and problem solving. After an initial fintech push though, Lithuania tightened the rules three years ago to prevent money laundering. Indrida Gita still opened her start-up Bemibond, another crowdfunding platform, last year. She says Lithuania now has a lead that other countries will struggle to catch up with as existing fintechs provide a proper support system for newcomers. You need a lot of advice in terms of establishing your businesses from the outset. And these companies, they've gone through these rounds, they've gone through these sort of activities and experiences that you're going through. So it's very useful to get this advice. But investment volume remains a sore spot. Hello guys. Lithuania only has three unicorns, that is, start-ups valued at one billion dollars or more. Gintara Verbekeiter counsels young companies on how to scale up. She says the government should provide more funding, especially for certain areas. Deep tech is of course, you know, the sector that needs patient capital. The government's role is very important to support investments in the sector. We have also this announced 40 million fund for defence companies and dual use developments. But still, I think, you know, we could definitely raise that, you know, triple at least. So that one day, Lithuania can indeed reach the start-up sky.

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