MyTU Secures €10 Million in Series A Funding to Revolutionize Digital Banking
MyTU, a digital banking platform headquartered in Vilnius, has successfully raised €10 million in a Series A funding round, surpassing its initial target of €9 million. This investment was led by existing shareholders who increased their stakes, along with two new strategic investors. The capital will be utilized to enhance MyTU’s acquisition and loan services as the company prepares to secure a comprehensive banking license in Lithuania.
Bridging the Financial Access Gap
Access to financial services is often inequitable, particularly for underserved individuals and businesses. In Europe, over 13 million adults lack access to basic banking services, and many small enterprises grapple with high costs and limited options for financial assistance. This issue arises from the expensive and complex infrastructure supporting traditional banking systems, highlighting the urgent need for more effective and affordable solutions.
MyTU’s Innovative Approach
MyTU addresses this financial access disparity by providing a fully digital banking platform powered by cloud technology. The platform combines AI-driven financial services with seamless and integrated payment solutions, catering to both individual and commercial accounts. Key features include payment services, family banking options, and a marketplace with loyalty incentives, all built on a proprietary banking infrastructure designed for growth in emerging markets while maintaining low operational costs.
Vision for Sustainable Growth and Profitability
Raman Korneu, MyTU co-founder and CEO, stated: “The fintech landscape is evolving. Securing funding has become more challenging, and profitability is now the true benchmark of success. With this investment, we aim to scale sustainably and reach profitability this year. Our technology enables us to serve millions with a lean team, setting us apart in the industry. Our platform is not just digital-first; it is fundamentally digital.”
Utilizing Previous Capital Efficiently
With a total of €6 million in previous funding, MyTU has demonstrated impressive capital efficiency in its operations. Supported by key business partnerships, the new €10 million will facilitate the expansion of its product offerings, development of acquisition and loan services, and prepare for regulatory compliance to obtain a full banking license from the Bank of Lithuania.
Ambitious Growth Plans for 2025
MyTU is on track to handle over €1 billion in transactions by 2025, aspiring to serve more than 50,000 retail customers from diverse nationalities and over 200 companies. Within the next year, the company plans to scale its acquisition and loan capabilities, foster new partnerships, and further enhance its banking infrastructure.
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