DriveWealth Takes Major Step In Europe, Gains Lithuanian Brokerage License
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DriveWealth, a US-based Brokerage-as-a-Service firm, has received a brokerage license from the Bank of Lithuania. This will help the firm grow its business in Europe.
The new category B financial license will give DriveWealth the ability to set up its European office in Vilnius, the capital of Lithuania. This adds to its existing offices in Singapore and the United States. The new office will be called DriveWealth Europe and will help the company operate in Europe.
The New License Will Help DriveWealth Create Products For European Markets
Michael Blaugrund, the Chief Executive Officer of DriveWealth, said that getting this license from the Bank of Lithuania is very important as the company wants to grow worldwide. He noted that Lithuania is a great place for new ideas, making it the best choice for the firm’s European office. The team is excited to work with the Bank of Lithuania and use its financial system to help more people access DriveWealth’s services.
DriveWealth has a platform that allows people to trade small parts of shares. The company has been growing by working with broker-dealers, digital wallets, and other brands around the world. The new license will help DriveWealth grow more in Europe and create products for specific markets.
Per the release, the new European office will work with Invest Lithuania, the agency that helps attract foreign investments in the country, and will also cooperate with the Bank of Lithuania.
The General Manager at Invest Lithuania, Elijus Čivilis noted that DriveWealth’s choice to set up its office in Vilnius shows that Lithuania is a great place for fintech businesses in Europe. This move does not only prove that the company wants to create a friendly environment for financial innovation, but also shows the amount of talent and good rules Lithuania has.
DriveWealth Partnered With Blue Ocean Technologies To Improve Stock Trading
Earlier this year, DriveWealth teamed up with Blue Ocean Technologies to make it easier for people to trade stocks. The goal of this partnership is to help investors get more trading services and market information, especially in Asia and other parts of the world.
A few months ago, a UK company called Bud, which focuses on financial data, entered Lithuania after getting an AIS Provider license.
According to a report from Invest Lithuania, by the close of 2023, the country had 276 fintech companies, growing from just 55 in 2014. One of the first companies in this market is the UK neobank, Revolut.
Lithuania has done well in attracting companies that focus on blockchain and cryptocurrency. These companies grew from 8% in 2022 to 13% in 2023. One of these companies is Meld, a crypto bank that recently got a license to provide virtual asset services and started offering tokenized real-world asset services in March. Another company, Bitget, a crypto exchange, has also been growing in Europe.
