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This Country Wants a Piece of London’s Fintech

Lithuania reckons it can issue a license more quickly than anyone else in the European Union.
The Vilnius skyline.
Photographer: Peter Kollanyi

Prajit Nanu was in a hurry to find a European base to expand his fintech startup from Singapore. He reckoned it would be a year or more to get an e-money license in the U.K. or Germany. Then he stumbled upon a brochure touting a country that wasn’t on his radar. 

Lithuania, a nation of 2.8 million people with no real pedigree in the technology side of banking and finance, was offering to get him up and running in three months. Now he’s preparing to start his European operations in February.