WALLESS Assisted Simplex in Receiving E-money Licence from the Bank of Lithuania

2019 07 26

WALLESS long-standing client Simplex received an e-money license from the Bank of Lithuania. WALLESS team advising Simplex on licensing and other on-going matters consist of Senior Associate Simona Kišūnaitė, Associate Partner Lina Radavičienė and Partner Joana Baublytė-Kulvietė.

Israeli based Simplex was one of the first fintech companies to set up in Lithuania and obtained its payment institution license in 2017. Simplex processes credit card payments with a 100% guarantee which ensures that in the event of a fraud chargeback the merchant receives payment from Simplex. The company’s cutting-edge fraud prevention solution and proprietary state-of-the-art AI technology blocks fraudulent users and allows legitimate users to complete payments with ease. E-money license allows Simplex to broaden its products offering.