UAB "GF Bankas" is a well established lender in Lithuania and has a loan portfolio of more than 70 million euros. A market leader known for its focus on customer needs and excellent service, UAB "GF Bankas" decided to evolve into banking, and became a bank under the new name of „General Financing bankas“ now adding deposits to its portfolio.

The idea began three years ago in 2017, when Lithuania created conditions for specialised banks. These conditions establish a favourable environment for Lithuanian and foreign start-ups seeking to provide various financial services in the European Economic Area.

Building a portfolio of specialised banking services allows UAB "GF Bankas" to offer their customers a wider range of services. As one of the first banks in Lithuania granted a specialised bank license, UAB "GF Bankas" is an innovator, contributing to a changing banking landscape in Lithuania and across Europe.

But transformation doesn’t happen overnight. In the early stages of the transition, UAB "GF Bankas" faced a number of challenges:

• navigating the labyrinths of Lithuanian and European legal acts,

• managing compliance throughout the organisation,

• building a future-ready tech stack to enable growth.