Electronic money institution licence granted to a subsidiary of Vinted
The Bank of Lithuania granted an electronic money institution licence to a subsidiary of Vinted, UAB.
The electronic money institution licence confers the right to issue electronic money and provide payment services. The company intends to provide payment services to customers of the Vinted platform across Europe.
Before granting the licence, the Bank of Lithuania assessed the company’s business model, internal policies and procedures, readiness to manage risks and ensure the prevention of money laundering and terrorist financing, quality of services and other requirements, as provided for in legal acts.