Lithuanian fintech startup myTU receives €10M in investments

Lithuanian fintech startup myTU has successfully closed its investment round A, having managed to raise €10M against the planned €9M. The round was led by existing shareholders who increased their stakes, as well as two strategic investors - the company's long-standing business partners. Thanks to the successful round, the valuation of myTU increased to more than €35M.

Founded in 2019 by Raman Korneu and Tomas Navickas, myTU is a fully automated, AI-powered and cloud-first digital bank offering financial services including payments-as-a-service, family banking, and a marketplace and loyalty system, all powered by its proprietary core banking platform. In 2022, myTU raised about €5M from business angels.

With over 50K retail customers across 100+ nationalities and 200+ legal entities, myTU is on track to process over €1B in transactions by the end of 2025. Its advanced tech stack allows it to serve millions of customers with a small team of just 25 people.

The new funds will allow the digital bank to expand its services by entering the lending markets, scaling AI solutions and cloud technologies, and preparing to obtain a full banking license. myTU plans to reach profitability in 2025.