UK FinTech Yapily announces expansion in Vilnius

By Megha Bhattacharya

London-based FinTech Yapily has announced plans to set up in Vilnius, the company’s third European office. The company stated that it will hire up to 30 people in Vilnius in the coming months. It is currently recruiting for compliance, engineering, product, and operations roles. Its Lithuanian entity received the regulatory license in December 2020, prior to the UK leaving the EU, and is now focused on its expansion plans.

“Yapily makes connecting to banks easy through sharing financial data and payments infrastructure,” explained Stefano Vaccino. “We connect you to thousands of banks using an open banking API, taking care of the complexity behind the scenes”.

“Outside of the UK, Lithuania has the second largest fintech hub in Europe,” said Stefano Vaccino. “The local regulator plays a positive role in the fintech ecosystem, allowing Yapily to become a part of it.” Recently, European neobroker BUX extended its partnership with Yapily to France and Austria. The new collaboration will enable French and Austrian BUX Zero users, along with German users to fund their accounts and build an investment portfolio.

Yapily connects businesses to banks and financial institutions using a single open API. Using the platform, companies can access their customers’ account information and gain a financial view without having to build and maintain APIs of their own. Yapily aims to manage and facilitate the connection to fetch information and initiate payments while ensuring PSD2 compliance.

“Open Banking will create a more competitive landscape of tailored financial services,” Mantas Katinas, Managing Director of Invest Lithuania, believes. “As more and more banks comply with the PSD2, Lithuania’s fintech community could be at the forefront of developing financial products leveraging this new access to data. Yapily’s choice to set up an office in Vilnius shows that Lithuania is an excellent base for cutting-edge fintechs.”