COBALT advised Earthport Payment Services, UAB on obtaining a payment institution licence. Earthport Payment Services, UAB has become a market participant licensed by the Bank of Lithuania to provide payment services specified in the Law on Payments: credit transfers, issuance of payment instruments, and processing of incoming payments.
The only shareholder of Earthport Payment Services, UAB is Earthport PLC, a UK-based licensed payment institution. The company is listed on London Stock Exchange. In 2018 October, it was named a Fintech Power 50 company. The company has over 200 employees worldwide.
“By attracting the best of the fintech industry, our cluster becomes better with each and every new player. Earthport – a company on the forefront of making cross-border seamless for the customer – is definitely one of the strongest additions to our ecosystem this year,” says Mantas Katinas, Managing Director of Invest Lithuania.
Earthport’s global payment network powers transactions for the world’s largest financial institutions, e-commerce companies, money transfer organisations and payment aggregators. Earthport provides clients with access to a global payment network, maintaining local banking partnerships, through which client business is settled directly via local clearing to banked beneficiaries in over 88 countries.
COBALT team advised Earthport Payment Services, UAB on all issues related to obtaining the licence, drafted the licence application documents and represented the company before the Bank of Lithuania. The COBALT team consisted of Senior Associate Justina Milašauskienė and Associate Justina Aužbikavičienė.