I spent about 25 years in finance before starting myTU, primarily as a board member in establishment banks. I also worked in consulting at Ernst & Young and PwC, where I dealt with over 100 projects for dozens of major banks and companies like Merrill Lynch Securities and Raiffeisen Bank.
As an idea, myTU began to take shape when I joined a fintech company, focusing on consumer lending, as a strategist. I was about to receive my EMBA at Judge Business School at Cambridge, which made establishing my own fintech startup seem more possible than ever. Through discussions with experienced software engineer Tomas Navickas, who’d eventually become my co-founder, we realised we had a wealth of new technologies that could, if leveraged correctly, address the biggest pain points in the industry.
That’s precisely what we ended up doing. We realised we could take full advantage of cloud-only infrastructure and AI to transform consumer and business banking, making it more accessible, secure, and cost-effective. The goal is to reshape banking services in a way that’s both innovative and eminently practical.
myTU is positioned to evolve, with a platform architecture that can support Open Banking connectivity in the future if/when it serves customer needs. But if you consider the spectrum between a digital wallet and a full-scale bank, we’re firmly positioned as a challenger bank.
We provide a complete, independent financial experience through our AI-native, cloud-based platform. From fully digital onboarding and instant SEPA payments to expense management and acquiring and tailored credit solutions coming soon, myTU offers far more than a typical digital wallet. Many of our clients – especially businesses – use myTU as their primary financial platform.
Business clients, for instance, can use myTU for fully digital onboarding, instant SEPA payments, expense management, and easy integration with clients’ financial ecosystems. That’s more than a simple digital wallet by a long shot.
We view these partnerships as a competitive advantage. As a fully licenced EMI operating across the EU/EEA, we already offer a wide range of services independently. But the real power of Open Banking lies in the ability to collaborate with fintechs, data providers, and other infrastructure players to create smarter, more seamless financial experiences. The more flexible and interoperable you are, the more value you bring to a broader range of different clients with any number of different needs.
But the key is that you need the right partners. We look for institutions or platforms that share our mindset. Those who want to innovate, not just tick regulatory boxes. When the collaboration is right, it elevates the entire user experience.
Our security includes custom multifactor authentication, which integrates multiple ECDSA keys with IP and DNS data verification and utilises secure timestamps alongside bidirectional out-of-band communication. We’ve also increased automation through AI-assisted AML monitoring and screening. When we founded this company, our entire goal was to leverage cutting-edge technology to make the best, most secure banking product, and that’s what we’ve done in and beyond the context of Open Banking.
Open Banking is a powerful concept in theory. But in practice, especially across Europe, implementation is fragmented and often frustrating. One of the biggest challenges is the lack of standardisation. Each country interprets the PSD2 directive slightly differently, and national regulators apply it with varying levels of strictness. So, while we’re working across the EU, we’re constantly adjusting to local nuances, which adds complexity and cost.
There’s also the challenge of balancing openness with compliance and security. As an EMI licenced by the Bank of Lithuania and operating under EU passporting rules, we hold ourselves to the highest standards in terms of AML, KYC, and data protection. Integrating with third parties – while preserving security, user consent, and regulatory integrity – requires rigorous vetting and continuous monitoring.
Then there’s the question of incentives. Most legacy banks still see Open Banking as a regulatory obligation, not a strategic opportunity. That mindset affects how much they invest in these systems, and their willingness to collaborate is limited. We’ve even seen big banks resist by lobbying against neobanks or delaying processes that should be straightforward.
For true progress, we need clearer EU-wide standards, better cooperation from incumbents, and a shared vision that puts users at the centre.
We are currently focused on expanding our product suite for business clients as well as multicurrency cross-border payments for both corporates and consumers. One of our most exciting developments is the launch of our Payouts API, designed to streamline and automate bulk payment processes. We have developed a robust set of APIs that allow businesses to build custom integrations tailored to their operational needs. These include features such as creating and signing payment orders directly within internal systems, removing the need for manual input. A notable example is an upcoming partnership where we will enable the issuance of up to 100,000 business cards through API integration, specifically supporting logistics management at scale.
Our recent achievement of principal memberships with Mastercard and Visa and obtaining acquiring licences from both networks marks a major milestone. This enables businesses to accept card payments both online and in-store, improving transaction flexibility and efficiency. These capabilities are particularly valuable for sectors such as ecommerce, international trade, and high-volume retail. We are also preparing to launch cross-border payment functionality through Visa and Mastercard cross-border payment services. This will enable near-instant international payouts and further supports our mission to simplify global money movement.
AI and automation development and enhancement are ongoing. Anything that delivers more value to our clients and drives operational excellence is something we seriously consider, and more often than not, pursue.
Raman Korneu is CEO and co-founder of neobank myTU, a fully automated, AI-powered, and cloud-first digital bank offering smart, secure, and affordable financial services. With over 25 years of experience in banking, Raman has held senior roles across finance, including consulting roles at Ernst & Young and PwC, where he worked on over 100 projects for over 50 major banks and companies, including Merrill Lynch Securities and Raiffeisen Bank. Raman has held CFO positions at IDFinance and LOCKO-Bank, and he was also co-founder of Nemera Capital, a London-based middle-market investment bank.
Raman holds prestigious qualifications including an EMBA from Judge Business School at Cambridge University, the prestigious Chartered Financial Analyst (CFA), and ACCA membership. Driven by his passion to tackle problems in traditional banking, Raman leverages his extensive expertise to lead myTU in delivering innovative financial solutions.
myTU is a fully automated, AI-native, and cloud-first digital bank offering smart, secure, and affordable financial services. myTU provides a variety of digital banking services with remote onboarding to both consumer clients and businesses. It includes Payments-as-a-Service, family banking, a marketplace, and loyalty system, all powered by its proprietary core banking platform. myTU's innovative approach makes it an ideal solution for addressing the needs of underserved audiences, both individuals and businesses, including financial service providers.
Headquartered in Vilnius, Lithuania, myTU was founded in 2019 by banking expert Raman Korneu and tech leader Tomas Navickas. With over 50,000 retail customers across 100+ nationalities and 200+ legal entities, myTU is on track to process over EUR 1 billion in transactions by 2025. Its advanced tech stack allows it to serve millions of customers with a small team of just 25 people. More info at mytu.co.
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