The US based
Brokerage-as-a-Service technology company DriveWealth has secured a brokerage
license from the Bank of Lithuania, expanding its global operations into the
European Economic Area.
DriveWealth Secures
European Brokerage License, Establishes Lithuanian Hub
The category
B financial license enables DriveWealth to establish its European headquarters
in the Lithuanian capital, Vilnus, adding to its existing regulatory presence
in the United States and Singapore. The new entity, operating as DriveWealth
Europe, will serve as the company’s base for the operations on the Old
Continent.
“Achieving
this license from the Bank of Lithuania marks a pivotal milestone in our global
expansion strategy,” said Michael Blaugrund, CEO, at DriveWealth. “Lithuania’s
commitment to innovation made it the best fit for setting up our European hub.
We look forward to working with the Bank of Lithuania and leveraging the
support of their financial ecosystem to offer DriveWealth’s platform to a
broader clientele.”
The
company’s platform, which enables fractional share trading, has gained some traction
recently through partnerships with digital wallets, broker-dealers, and
consumer brands globally. The Lithuanian license will allow DriveWealth to
further develop its presence in Europe and introduce market-specific products.
According
to the release, the European entity will work together with Invest Lithuania,
the domestic agency that aims to promote foreign investments in the country,
working closely with the Bank of Lithuania.
“DriveWealth’s
decision to establish their European hub in Vilnius further strengthens
Lithuania’s position as a leading fintech destination in Europe,” states
Elijus ÄŚivilis, General Manager at Invest Lithuania. “This move not only
validates our efforts to create a nurturing environment for financial
innovation but also highlights the caliber of our talent pool and regulatory
framework.”
The US based
Brokerage-as-a-Service technology company DriveWealth has secured a brokerage
license from the Bank of Lithuania, expanding its global operations into the
European Economic Area.
DriveWealth Secures
European Brokerage License, Establishes Lithuanian Hub
The category
B financial license enables DriveWealth to establish its European headquarters
in the Lithuanian capital, Vilnus, adding to its existing regulatory presence
in the United States and Singapore. The new entity, operating as DriveWealth
Europe, will serve as the company’s base for the operations on the Old
Continent.
“Achieving
this license from the Bank of Lithuania marks a pivotal milestone in our global
expansion strategy,” said Michael Blaugrund, CEO, at DriveWealth. “Lithuania’s
commitment to innovation made it the best fit for setting up our European hub.
We look forward to working with the Bank of Lithuania and leveraging the
support of their financial ecosystem to offer DriveWealth’s platform to a
broader clientele.”
The
company’s platform, which enables fractional share trading, has gained some traction
recently through partnerships with digital wallets, broker-dealers, and
consumer brands globally. The Lithuanian license will allow DriveWealth to
further develop its presence in Europe and introduce market-specific products.
According
to the release, the European entity will work together with Invest Lithuania,
the domestic agency that aims to promote foreign investments in the country,
working closely with the Bank of Lithuania.
“DriveWealth’s
decision to establish their European hub in Vilnius further strengthens
Lithuania’s position as a leading fintech destination in Europe,” states
Elijus ÄŚivilis, General Manager at Invest Lithuania. “This move not only
validates our efforts to create a nurturing environment for financial
innovation but also highlights the caliber of our talent pool and regulatory
framework.”
This post is originally published on FINANCEMAGNATES.
