Vilnius-based digital bank myTU has raised €10 million in a Series A funding round, surpassing its initial €9 million target in an oversubscribed round, as Vestbee was told. The funds will support product expansion and further strengthen its banking infrastructure.
- Launched in 2019 by Raman Korneu and Tomas Navickas, myTU is an innovative digital bank that offers a wide range of services, including payments-as-a-service, family banking, and a marketplace with loyalty features.
- myTU is designed to support both individuals and businesses, offering a platform that allows users to manage their finances seamlessly and efficiently. With remote onboarding capabilities, customers can easily access services without needing to visit a physical branch, making banking more accessible and convenient.
- With a team of 25, myTU is serving over 50,000 retail customers from more than 100 nationalities and 200+ legal entities.
Details of the deal
- The funding round was provided by existing shareholders, who increased their stakes, along with two new strategic investors from the payments and mobility sectors. These investors are long-term business partners of myTU.
- The startup will use the oversubscribed €10 million Series A funding to support product expansion, develop acquiring and lending services, and make regulatory preparations for securing a full banking license from the Bank of Lithuania.
- Additionally, the funds will help scale operations and further strengthen its banking infrastructure as part of the company's plan to reach profitability in 2025.
"With this investment, we are focused on scaling sustainably and reaching break-even this year. Our technology allows us to serve millions of users with a lean team, and this efficiency is what sets us apart. We are building a banking platform that is not just digital-first, but truly digital-native," co-founder and CEO of myTU, Raman Korneu, commented in a press release.
