We advised electronic money institution Verse Payments Lithuania on all issues related to its indirect acquisition by Square – an electronic payment and financial services company headquartered in San Francisco and listed on the New York Stock Exchange.
Verse employees will join the Square team, who are developing the Cash App – a peer-to-peer payment app that lets its users easily send and receive money from their phone. Verse will continue to operate as an independent company, and its teams will be based in their current offices. According to Square, no changes to existing products, customers or business activities are expected in the near future.
Verse part of the Lithuanian fintech ecosystem since 2019
The Bank of Lithuania issued an electronic money institution licence to Spanish P2P payment company Verse in 2019. Verse users can easily and quickly make money transfers and payments. Verse has over 500,000 registered users across Europe who have already transferred over EUR 100 million via the platform.
Our services and team
We advised Verse on complex matters related to financial services and licensed activities regulation, corporate and other transaction-related matters. The client was advised by:
- partner Tomas Kontautas and senior associate Laura Matukaitytė – on financial services regulation matters;
- associate Sidas Sokolovas – on data protection matters;
- associate Ieva Tumalavičiūtė – on tax matters.
Other recent projects advised by our Fintech team
- First Lithuanian fintech startup to offer shares publicly and to enter First North market
- Hong Kong stock exchange-listed fintech company enters Lithuanian market
- Opal Transfer obtains electronic money institution licence in Lithuania
- European Merchant Bank established by Akce Holding Malta obtains specialised bank licence