International fintech company Aspora chooses Vilnius as its EU center, creating new jobs

International fintech company Aspora has selected Vilnius, Lithuania, as its operational hub for the European Union, marking a significant investment in the region. The company has secured a license for an electronic money institution (EMI) in Lithuania, which will serve as its first regulated base within the EU.

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Lithuania offered exactly what we needed for our EU base: a rich pool of fintech, engineering, and compliance specialists, and a well-regarded, experienced regulator – the Bank of Lithuania.

Aspora, originally founded in 2021 and previously known as Vance, focuses on providing international remittance services tailored to the Indian diaspora worldwide. The newly acquired Lithuanian license will enable Aspora to offer its services seamlessly across the entire EU and European Economic Area (EEA). The company emphasizes that Vilnius will not just be an administrative office but a core business center, with significant leadership and team presence.

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With a Lithuanian license, we will be able to smoothly serve clients across the EU and EEA from the country. We are not establishing an administrative unit in Vilnius – we are building a business where the management and a large part of the team will be based in Vilnius.

"Lithuania offered exactly what we needed for our EU base: a rich pool of fintech, engineering, and compliance specialists, and a well-regarded, experienced regulator – the Bank of Lithuania," said Aspora CEO Nedas Sipovičius. "With a Lithuanian license, we will be able to smoothly serve clients across the EU and EEA from the country. We are not establishing an administrative unit in Vilnius – we are building a business where the management and a large part of the team will be based in Vilnius."

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The fact that Aspora decided to establish its EU center in Lithuania confirms the value of our fintech ecosystem and its talent. We aim to attract precisely these types of high-value investments to the country – the company chose Lithuania to establish its management and development base, not just one separate function.

The company plans to initially focus on enhancing its remittance product between the EU and India, along with associated currency exchange services. Future plans include expanding its product offerings to a broader customer base across the EU. Aspora intends to recruit experts in risk management, IT, product development, and finance, contributing to job creation in Lithuania. The company also aims to foster collaborations with Lithuanian universities and the local fintech community to develop local talent.

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Aspora's choice demonstrates this maturity, and at the same time, it is a joyful sign of strengthening Lithuanian-Indian ties. I have no doubt that Aspora will find the talent in Lithuania needed to provide services to the Indian diaspora across the continent.