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Source: ArcaPay
The Bank of Lithuania (LB) has granted permission for the reorganisation of the ArcaPay Group, a company providing currency conversion and international payment services to businesses, by creating a holding company structure, which will include ArcaPay UAB, operating in Lithuania, and ArcaPay Ltd, working in the United Kingdom.
Marius Bausys, the company’s founder, says that the new structure will be more attractive to investors and better manage the expanding business’s growth and risks.
“ArcaPay was launched in London in 2011. Following Brexit, the Bank of Lithuania granted a Payment Institution Licence in April 2021. The company currently provides services to over 800 importing and exporting business customers. Most of them are companies from Lithuania and the United Kingdom. The company expects to double its client portfolio by 2022. The company expects to close negotiations with investors in its first round of financing this year.
Last week, following the first reports of hostilities in Ukraine, the company suspended indefinitely the possibility to make transfers to Russia and Belarus in any currency. Marius Bausys says that this is the company’s value position and that they will stick to it in a principled way, even though they are well aware that this may limit the company’s growth rate and, therefore, its attractiveness to investors. “We are doing everything we can to support Ukraine. However, refusing to do business in these countries and their currencies is the least we can do in this situation,” says the founder.
In 2021, payments by ArcaPay Group customers to Russia and Belarus accounted for 3% of the company’s total transactions. The company’s clients do not include companies registered in these countries of military conflict.
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