The funding surpassed myTU’s initial EUR 9 million target in an oversubscribed round, with the company now being valued at over EUR 35 million. As part of the Series A round, existing shareholders scaled their stakes while two other strategic investors, which are long-term business partners of the company, joined in. Additionally, myTU has decided to continue without venture capital funding, planning to focus its efforts on sustainable development.
The news comes just a few months after myTU introduced a business debit card designed to optimise expense management for businesses across the European Economic Area. Available in physical and virtual formats, the card was set to provide businesses with increased fraud protection, simplified expense tracking, and flexible spending limits. At the same time, the product enabled businesses to issue cards to employees or departments, offering full control over spending and delivering real-time transaction monitoring.
As a fully automated, AI-enabled, and cloud-first digital bank, myTU focuses on delivering secure and affordable financial services. The company’s offering includes a variety of digital banking services with remote onboarding to both clients and businesses, including Payment-as-a-Service, family banking, and a marketplace and loyalty system, enabled by its proprietary core banking platform.
With the newly acquired capital, myTU intends to advance its product expansion, develop acquiring and lending services, and support regulatory preparations for obtaining a full banking licence from the Bank of Lithuania. At the same time, in the next 12 months, the company intends to expand its acquiring and lending abilities, enter additional partnerships with industry participants, and further solidify its banking infrastructure.
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