Sorainen assisted Akce Holding Malta in establishing the company European Merchant in Lithuania and obtaining a specialised bank licence. The licence was issued by the European Central Bank through the Bank of Lithuania. European Merchant is among the first Lithuanian banking market participants to be granted a specialised bank licence.

European Merchant is part of the Akce group, operating in the FinTech industry and made up of companies offering various payment services. Part of the Akce group are companies such as Clearsettle, a London-based white-label B2B payment platform provider, authorized by the UK’s Financial Conduct Authority (FCA) as a licensed payment institution, in 2015 and SettleGo, a cross-border payments and settlement platform, authorized by the FCA as an E-Money Institution.

Sorainen represented the client at the Bank of Lithuania and assisted during the licensing procedure. Sorainen assistance also included preparing documentation necessary to obtain a specialised bank licence and to perform banking operations as well as advice on establishing a new company in Lithuania, increasing authorised capital and other matters

The client was advised by partners Tomas Kontautas and Augustas Klezys, senior associate Dalia Augaitė (project team leader) plus associates Eglė Mazėtytė and Inga Macijauskaitė.