Having obtained an Electronic Money Institution licence, financial technology start-up Stanhope Financial is opening an office in Vilnius to serve clients in EU.
Stanhope Financial is a tier one banking services provider targeting small and medium sized business on a global scale. The company raised $3.5M in its first funding round in November for global expansion offering a suite of specialist services, including FX payments, treasury services and access to financing.
In Lithuania, Stanhope Financial will continue developing the product part and serve SME’s in EU.
“In our opinion, Lithuania stands out among other EU member states due to its advanced regulation, high position in the Ease of Doing Business ranking and an excellent reputation in the area of financial technology. The market we are targeting is pan-European, but looking at the high concentration of banks in Lithuania, we expect to attract more than one local customer with our innovative products,” says Khalid Talukder, the company’s Managing director.
Lithuania has been one of the leading jurisdictions where UK-based fintech businesses relocate due to the Brexit. Consequently Vilnius is the second-largest centre in the EU for fintech measured by the number of regulated companies. It has issued licences to more than 100 fintech companies.
Laimonas Noreika, CEO of the start-up Heavy Finance, has been helping Stanhope Financial to enter the Lithuanian market and develop its principal office for the European Union market. He will continue this cooperation as the Chairman of the Board of the company’s local division and by being part of the strategic decision-making process.
“The company was set up by businessmen of exceptional capability and experience, and I am happy to see them joining the Lithuanian financial technology sector, which the company will undoubtedly enrich,” says Laimonas Noreika.
The company has already started recruiting its first employees and signed contracts with several Lithuanian companies for information technology services. In 2021, Stanhope Financial intends to recruit at least 17 employees, with the active selection process due to start in January.
Stanhope Financial’s successful first funding round will also enable the company to launch on-the-ground specialist subsidiary company in Dubai, serving the UAE, Asia, and African markets.
Stanhope Financial’s shareholders include the greatgrandson of the founder of Siemens Peter K. Schulz von Siemens and the founder of Small World Kevin von Neuschatz. Markets specialist Khalid Talukder, previously of UBS, Citi & Deutsche, and also Thomas Dillion, founder and CEO of Best Practice are among the co-founders as well.