Senjo snaps up Lithuanian payment firm Finolita Unio

Senjo Group, a Singapore-based fintech investor, has secured a payment institution (PI) licence from the Bank of Lithuania

Senjo snaps up Lithuanian payment firm Finolita Unio

Senjo Group, a Singapore-based fintech investor, has secured payment institution (PI) licence from the Bank of Lithuania to acquire local payment firm Finolita Unio.

The licence will give Senjo enhanced access to the European payments system via Lithuania.

Commenting on the deal, Senjo COO Gavin Lock said that Lithuania’s EU-leading regulatory environment for fintechs played a decisive role in the group’s decision to establish a presence in the Baltic country.

“The Bank of Lithuania especially, has a positive attitude towards FinTech, and this was one of the key factors in our decision to choose Lithuania as a gateway for strengthening our presence in the European payments ecosystem.”

“Senjo is a new type of FinTech investor, and we are looking forward to growing our core payments business and build our track record of providing scalable and reliable payments solutions for our customers,” Lock added.

The group, which operates in more than 30 countries globally, agreed to purchase online gaming company GVC Holdings’ payment processing business Kalixa for €29m in December 2016.