Finolita: The Merchant's Bank

  • Mar. 2nd 2020
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  • BankApply
Finolita: The Merchant's Bank

In 2017, the Singapore-based Fintech investor and payments platform operator, Senjō Group, received permission from the Bank of Lithuania to acquire Finolita Unio. As a European financial epicentre, Vilnius is a hub for banking options in Europe. Finolita is giving traditional financial services a modern approach. Their electronic money institution (EMI) license enables the company to offer services throughout the EU, EEA, and EFTA countries. These services include offering IBAN accounts, money transfers, currency exchange & payment processing.

Dynamic Banking Based On Relationships

Finolita strives to develop long-lasting relationships with its clients. Their team of professionals combines experience and knowledge to treat each customer as a valued member. Remote onboarding allows you to join at any time from anywhere. New IBAN accounts are often set up within 24 hours. 

Finolita is taking a dynamic approach to online banking. Instead of a one size fits all model, packages conform to your business operations and industry. Account opening fees start at 300 €, which can feel expensive, but they're making sure the clients they on-board have serious intentions and are suitable clients for the premium service they provide. 

Solutions For A Global Marketplace

Merchants benefit from a partnership with PXP Financial for payment processing. IBAN account holders can receive credit and debit card payments along with 40+ payment methods. Multi-Currency and Dynamic Currency Conversions mean your customers can complete transactions in their native currency. SEPA and SWIFT transfers between 34 currencies provide flexibility. 

SEPA transfers take from 1 hour to 1 day while SWIFT transfers require 1 day to 1 week to process from your account (which isn't exactly ideal, but future improvements are expected). Currently, Finolita IBAN accounts only accept SEPA transfers into your account. Currency exchanges are all completed through the mobile banking website. 

Payment Card Industry Data Security Standard (PCI DSS) compliance keeps data secure. 

Getting started with Finolita

For help setting up your bank account in Europe register with BankApply. BankApply will match you to the institutions that best fit your needs and complete applications in one easy step.

Read more about the fees of fintechs and banks from here.

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