Company:ConnectPay

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ConnectPay
TypePrivate
IndustryFinTech
Founded2018
FounderDeependra Singh Bhartari
HeadquartersVilnius, Lithuania
Key people
Saulius Racevičius (CEO)
ProductsSEPA payments, SWIFT payments, direct Multi-currency IBAN accounts, prepaid cards, merchant accounts
Revenue1,54 million euros (2019)
Number of employees
48 (2020 May)
Websiteconnectpay.com

ConnectPay is an Electronic Money Institution (EMI) headquartered in Vilnius, Lithuania. It offers banking services to internet-based companies. [1] [2] [3]

Services

The company’s products include SEPA & SWIFT payments, direct multi-currency IBAN accounts, prepaid cards and merchant accounts.[4] [5] [6] [7]. All processes are operated via an automated fraud prevention[8] and compliance management ecosystem.[9] [10] [11] [12] [13]

History

ConnectPay was founded by Deependra Singh Bhartari in 2018, who is a 100% shareholder of the company.[14] ConnectPay is now being managed by the board of four members including  CEO Saulius Racevičius, Deputy CEO Agnė Selemonaitė, CFO Vladimiras Kolesovas and CTO Marius Galdikas.[15] The whole company‘s team consists of 50 employees[16]

ConnectPay holds an EMI license, issued by the Bank of Lithuania, and is a member of monetary authority of the Eurozone.[17]

Financial Performance

ConnectPay‘s payment turnover grew from 96,7 million euros to 879,4 million euros.[18] Client funds held with ConnectPay in the end of 2019 amounted to 46,5 million euros.[19] According to the 2019 public report by the Bank of Lithuania, ConnectPay is among the five biggest players in terms of payment turnover and client funds in the market.[18]

References

  1. ↑ "9 fast-growing Vilnius tech startups to watch out for in 2020". February 25, 2020. https://siliconcanals.com/news/fast-growing-vilnius-tech-startups-2020/. 
  2. ↑ "ConnectPay announced as PAYMENTS PROVIDER SPONSOR at the live edition of MARE BALTICUM Gaming Summit (Tallinn, Estonia)". June 23, 2020. https://europeangaming.eu/portal/press-releases/2020/06/23/72895/connectpay-announced-as-payments-provider-sponsor-at-the-live-edition-of-mare-balticum-gaming-summit-tallinn-estonia/. 
  3. ↑ "Being home to these promising startups, Baltics becomes new tech hub". February 17, 2020. https://siliconcanals.com/news/promising-baltic-tech-startups/. 
  4. ↑ "A game changer for the gaming industry?". https://timesofmalta.com/articles/view/a-game-changer-for-the-gaming-industry.750604. 
  5. ↑ "Market insider's view on the Wirecard collapse". July 3, 2020. http://www.koreaittimes.com/news/articleView.html?idxno=98745. 
  6. ↑ "Top 5 Services to Open an Online Bank Account With". December 20, 2019. https://techbullion.com/top-5-services-to-open-an-online-bank-account-with/. 
  7. ↑ "Bank of Lithuania opens up reporting API tests to three local fintechs". December 13, 2019. https://www.fintechfutures.com/2019/12/bank-of-lithuania-opens-up-reporting-api-tests-to-three-local-fintechs/. 
  8. ↑ "Agnė Selemonaitė, Deputy CEO at ConnectPay Interview – 5 Opportunities it Created for Digital Banking Sector". https://techround.co.uk/interviews/agne-selemonaite-connect-pa/. 
  9. ↑ Insider, Gambling. "Impact of COVID-19 on Virtual Gambling Sector: ConnectPay Calls to Fortify Payment Security as Industry Fraud on Rise". https://www.gamblinginsider.com/news/9212/impact-of-covid-19-on-virtual-gambling-sector-connectpay-calls-to-fortify-payment-security-as-industry-fraud-on-rise. 
  10. ↑ "5 Opportunities COVID-19 created for digital banks". June 24, 2020. https://salaamgateway.com/story/5-opportunities-covid-19-created-for-digital-banks. 
  11. ↑ "ConnectPay Launches Payment Verification App as Response to Pandemic-Related Privacy Concerns". June 10, 2020. https://europeangaming.eu/portal/press-releases/2020/06/10/72135/connectpay-launches-payment-verification-app-as-response-to-pandemic-related-privacy-concerns/. 
  12. ↑ "ConnectPay Invests More To Combat Online Fraud". June 30, 2020. https://inkedin.com/blog/2020/05/30/connectpay-invests-more-to-combat-online-fraud/. 
  13. ↑ "Pasaulinės krizės akivaizdoje Lietuvos „fintech“ įmonės didina investicijas į teisinę atitiktį". March 30, 2020. https://madeinvilnius.lt/verslas/vilniaus-rinka/pasaulines-krizes-akivaizdoje-lietuvos-fintech-imones-didina-investicijas-i-teisine-atitikti/. 
  14. ↑ Čiulada, Paulius. "Lietuvoje veikiančio „fintech“ startuolio apyvarta artėja prie 1 mlrd. Eur". https://www.vz.lt/rinkos/2019/12/09/lietuvoje-veikiancio-fintech-apyvarta-arteja-prie-1-mlrd-eur. 
  15. ↑ "About us - Banking made easy!". 2018-12-13. https://connectpay.com/about-us/. 
  16. ↑ Žebrauskienė, Aistė. "Vienas sektorius Lietuvoje atsilaikė geriau nei kiti: įmonės planuoja didinti investicijas ir darbuotojų skaičių". https://www.delfi.lt/a/84294733. 
  17. ↑ "Licencijos informacija". https://www.lb.lt/lt/frd-licencijos/view_license?id=438. 
  18. ↑ 18.0 18.1 "Veiklos rodikliai". https://www.lb.lt/lt/epi-veiklos-rodikliai. 
  19. ↑ Čiulada, Paulius. "„ConnectPay“ pajamas padidino 7 kartus". https://www.vz.lt/rinkos/2020/05/05/connectpay-pajamas-padidino-7-kartus. 




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