UK-based financial challenger W1TTY has received the regulatory nod for an electronic money institution (EMI) licence in Lithuania.

The Lithuanian watchdog has authorised Witty Global UAB, the subsidiary of W1TTY, to operate as an e-money institution in the European Economic Area (EEA).

The latest development comes six months after W1TTY submitted the application to obtain the licence.

W1TTY is said to be a mobile partner that provides various finance products and services to support healthy financial lifestyles for individual, entrepreneur, and business customers.

The challenger is said to be differentiated through its cost saving innovations, financial management guidance and customer engagement programmes.

It mainly targets students, GEN Z, small business enterprises (SMEs) and growing businesses.

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In the second half of 2021, W1TTY plans to launch its financial mobile app, the W1TTY app, for its customers.

W1TTY founder and CEO Ammar Kutait said: “Over 40 million people in the EU are unbanked, and only 8% of Millennials believe they have the financial literacy needed to deal with unexpected financial events.

“These, and other market pain points such as elevated overdraft fees and interest rates, inadequate levels of customer support by both legacy and digital banks, in addition to irresponsible lending, have been the main drivers behind developing W1TTY.

“We are excited to receive our EMI licence in such a short period of time. It gives us confidence that our business model and unique DNA is heading in the right direction to offer Smart finance for Every1.”

Last month, fintech unicorn PingPong secured an EMI licence from the Commission de Surveillance du Secteur Financier (CSSF)  in Luxembourg.