title: LT — Commercial Intelligence & Fintech (W13) | World Payments Monitor canonical: https://payments.gi/jurisdictions/lithuania/w13/ ### W13 Commercial Intelligence (M&A, Investment & Product) Probable re-verified 2026-10-18 · changed 2026-10-18 Trailing-12m LT commercial activity centred on inbound acquisitions of LT-licensed assets and MiCA-entry licensing: Checkout.com/Blue EMI; Ebury/ArcaPay; Robinhood Europe UAB first CASP licence; DriveWealth licensed; Revolut mortgages. Standing sub-brief · as of 27 June 2026 285 words · last cycle 2026-10-18 #### Commercial Intelligence (M&A, Investment & Product) This module carries discrete commercial events from the trailing-twelve-month window. Two M&A events lead the set, both completed: Checkout.com acquired Blue EMI, a licensed issuer of euro stablecoins, and established a Lithuania Technology Centre; and Ebury acquired ArcaPay to increase competition in the Baltic corporate banking sector. The deal values for both transactions were not publicly disclosed. The Checkout.com/Blue EMI acquisition is analytically the more significant: it shows Lithuanian-licensed EMI assets, in this case a euro-stablecoin issuer, being acquired as a route to MiCA EMT issuance and Baltic market access. On the authorisation and product side, the Bank of Lithuania issued Lithuania's first CASP licence to Robinhood Europe UAB, passportable across the EU, and the Bank lists Ambr Payments UAB as an EMT issuer. This was an authorisation event with no value disclosed. The first Lithuanian CASP licence going to a US-origin brokerage signals Lithuania as a chosen EU MiCA entry point for inbound crypto and brokerage entrants, while Ambr's status as an EMT issuer confirms live euro-stablecoin issuance. Additional W13-adjacent events — DriveWealth newly licensed and Revolut introducing mortgages to the Lithuanian market — are noted but not carried as separate commercial-event objects this cycle. #### Outlook The W13 trajectory is escalating, tracked under the Major M&A standing tracker. The commercial pattern is one of inbound acquisitions of Lithuanian-licensed assets and MiCA-entry licensing, reinforcing the W2 judgment that Lithuania is positioning as an EU MiCA entry point. The forward gap is the absence of disclosed deal values and precise event dates; the events are carried from a single aggregator without independent transaction confirmation, and completion status and timing should be reconfirmed against primary or quality-journalism sources in future cycles. Periodic update · new data 2026-10-18 #### Commercial Intelligence & Fintech Lietuvos bankas's authorisation of Micar assets, UAB as a crypto-asset service provider under the Markets in Crypto-Assets Regulation is, in addition to its licensing significance, a discrete commercial event this cycle: the firm becomes the fourth CASP authorised in Lithuania, and the authorisation covers custody, exchange and order execution services for both retail and professional clients. No financial terms or transaction value were disclosed in connection with this licensing event, consistent with its nature as a regulatory authorisation rather than a funding round or acquisition. This specific, dated authorisation event is distinct from any structural market-trend reading of Lithuania's crypto-asset sector: it is one named firm receiving one named authorisation on a specific date, placing Lithuania second in the Nordic-Baltic region for CASP authorisation count behind Finland. No other discrete commercial event — M&A transaction, funding round, or product release — was identified for Lithuania's payments or fintech sector this cycle. Further discrete CASP authorisation events are plausible given the continued pace of Lithuania's licensing activity in this category, though no specific additional transaction was identified this cycle beyond the Micar assets authorisation itself. **4 earlier distinct update(s)** Periodic update · new data 2026-10-12 #### Commercial Intelligence & Fintech Checkout.com, the UK-headquartered payments company, completed its acquisition of UAB Blue EMI, a Lithuania-licensed electronic money institution and crypto-asset service provider that issues euro-backed stablecoins for institutional use. As part of the transaction, Checkout.com established a Lithuania Technology Centre. The deal's financial terms were not publicly disclosed, and the exact completion date has not been independently confirmed to the day; the transaction was reported in January 2026. The acquisition is notable for what it signals about the commercial value of Lithuania's EMI licensing base to acquirers with stablecoin-adjacent ambitions. UAB Blue EMI's dual capability, as both a licensed EMI and a crypto-asset service provider issuing euro-backed stablecoins, made it a target whose value lies substantially in its regulatory permissions rather than only its existing book of business. Checkout.com's decision to also stand up a technology centre in Lithuania, rather than simply absorbing the licence and relocating operations, suggests an intent to build out rather than merely acquire regulatory access. As a discrete commercial event, this acquisition is distinct from any broader structural trend toward EMI consolidation in the Baltic market; it is reported here as the specific event it is, not as evidence of a wider M&A pattern. The amount not being publicly disclosed limits what can be inferred about the valuation placed on stablecoin-capable EMI licences in the current market, though the strategic logic of acquiring institutional-grade euro-stablecoin issuance capability inside the EU's regulatory perimeter is consistent with broader industry interest in MiCA-compliant stablecoin infrastructure. Whether this acquisition prompts further similar transactions targeting Lithuania-licensed EMIs with stablecoin or crypto-asset service capability is not yet determinable from available evidence. The Lithuania Technology Centre commitment suggests Checkout.com intends sustained investment in the Lithuanian operation rather than a licence-and-exit strategy, which if borne out would be a modestly positive signal for the depth of Lithuania's fintech commercial ecosystem. Periodic update · new data 2026-09-21 #### Commercial Intelligence & Fintech Two discrete commercial events define this module's Lithuania signal this cycle. First, Checkout.com's acquisition of Blue EMI, a Bank-of-Lithuania-authorised issuer of euro-backed stablecoins for institutional use, was completed alongside the establishment of a Checkout.com Lithuania Technology Centre; the transaction's value was not publicly disclosed. Second, TransferGo secured an expanded EMI licence from the Bank of Lithuania in March 2026, enabling EU-wide card issuance; this transaction's value was also not publicly disclosed. Both events are specific, dated commercial developments rather than structural market-analysis findings, distinguishing them from this cycle's W6/W9 material: the Checkout.com/Blue EMI deal is a discrete M&A event, and the TransferGo licence expansion is a discrete product/licensing-release event, even though both connect thematically to the broader stablecoin-convergence and EMI-licensing-growth themes appearing elsewhere in this cycle's Lithuania coverage. Watch for further disclosed or undisclosed M&A activity targeting Lithuania's licensed EMI base, and for confirmation of TransferGo's EU-wide card-issuance rollout following its expanded licence. Periodic update · new data 2026-09-11 #### Commercial Intelligence & Fintech TransferGo has obtained an expanded electronic-money-institution licence from the Bank of Lithuania, enabling EU-wide payment-card issuance in addition to its existing core money-transfer and account services. This is a discrete commercial-licensing event: a specific, named product-capability expansion by a specific operator, distinct from any structural market-wide trend. The amount associated with this licensing expansion was not publicly disclosed, and no separate investment or transaction value was reported alongside the announcement. The event is best read as a data point confirming that Lithuania's EMI licensing framework continues to accommodate meaningful product expansion for established non-bank payment institutions, occurring in the same period as the governance and safeguarding tightening under Resolution No. 247. Whether other Lithuania-licensed EMIs pursue comparable card-issuance or product-expansion licence upgrades in coming cycles will indicate whether this is an isolated commercial event or the leading instance of a broader product-expansion pattern among Lithuania's non-bank licensee population. Subsequent cycles should be checked for further product-expansion or licence-upgrade announcements among Lithuania's EMI and PI population, which would help distinguish whether the TransferGo expansion is an isolated event or part of a broader pattern of product diversification within the jurisdiction's fintech-licensing hub. Periodic update · new data 2026-08-11 #### Commercial Intelligence & Fintech The Bank of Lithuania expanded TransferGo's electronic money institution licence in March 2026 to add EU-wide card issuance capability, a discrete, completed commercial event rather than a structural regulatory change. TransferGo reports 9 million registered users across 160 countries, and the licence expansion allows the firm to issue payment cards across the European Union under its existing Lithuanian EMI authorisation. The transaction value or investment associated with this licence expansion was not publicly disclosed. This event is illustrative of a broader pattern in Lithuania's non-bank payments market: firms build a single Lithuanian EMI licence and then use EU-wide passporting rights to launch products, such as card issuance, across the full European Union market without requiring separate national authorisations in each destination jurisdiction. TransferGo's expansion sits alongside the broader licensing and market-access developments addressed elsewhere this cycle, including the CASP-authorisation transition and the continued growth of Lithuania's roughly 120-strong EMI/PI licence base, as evidence of continued commercial activity and product development within Lithuania's non-bank payments licensing regime even as compliance obligations tighten on parallel tracks. The key commercial-intelligence question for the next cycle is whether other Lithuania-licensed EMIs follow TransferGo's pattern of expanding into card issuance or other new product categories under their existing licences, which would further evidence Lithuania's role as a product-launch base for cross-border payments firms. Any future disclosure of the commercial or investment value associated with the TransferGo card-issuance expansion, currently undisclosed, would also sharpen the commercial picture. **Sources and findings (3 unique sources · R-3/R-4)** 1. [W13-E1] T3 Derived: Probable [in_force https://investlithuania.com/fintech-overview-2026/](https://investlithuania.com/fintech-overview-2026/) re-verified 2026-06-27 M&A event (amount_disclosed=false): Checkout.com acquired Blue EMI, a licensed issuer of euro stablecoins, and established a Lithuania Technology Centre; Ebury acquired ArcaPay to increase competition in the Baltic corporate banking sector. 2. [W13-E2] T3 Derived: Probable [in_force https://thepaypers.com/fintech/interviews/lithuanias-fintech-evolution-from-licencing-boom-to-strategic-scaleup](https://thepaypers.com/fintech/interviews/lithuanias-fintech-evolution-from-licencing-boom-to-strategic-scaleup) re-verified 2026-06-27 Licensing/product events (amount_disclosed=false): US-based unicorn DriveWealth was newly licensed in Lithuania, and Revolut Bank announced introducing mortgages to the Lithuanian market alongside AI-driven fraud-prevention tools. 3. [W13-E3] T3 Derived: Probable [in_force https://www.plasma.to/learn/tools/stablecoin-regulation-map/lithuania](https://www.plasma.to/learn/tools/stablecoin-regulation-map/lithuania) re-verified 2026-06-27 Authorisation event (amount_disclosed=false): the Bank of Lithuania issued Lithuania's first CASP licence to Robinhood Europe UAB, passportable across the EU, and lists Ambr Payments UAB as an EMT issuer.