- Montonio has secured an extension to its existing Payment Institution License from the Bank of Lithuania, enabling the company to hold clients’ funds and provide additional payment services, further strengthening its fintech offerings.
- Montonio has grown its product offering in Poland by introducing BLIK, Apple Pay, and Google Pay to its platform, enhancing its ecommerce services, and paving the way for merchant growth in the region.
30/05/2023 – Montonio, the Estonian fintech innovator, has received an extension to their existing Payment Institution License from the Bank of Lithuania, empowering the company to hold clients’ funds and provide additional payment services. This license extension paves the way for Montonio to innovate its platform further and bolster its offerings to merchants across Europe.
Alongside this, Montonio is growing its customer base in Poland with the introduction of BLIK, Apple Pay, and Google Pay to its platform. This addition supports Polish merchants’ business growth and positions Montonio as a key player in the fintech industry.
Markus Lember, Co-founder and CEO of Montonio commented, “This is a milestone for Montonio. The extension of our license and the introduction of new payment methods in Poland represents a considerable expansion of our capabilities. We are excited about the future and look forward to introducing more features that make the lives of merchants easier and help them grow their businesses.”
The license extension process was as rigorous as a regular application. The Bank of Lithuania evaluated Montonio’s shareholder reputation, management, internal control systems, compliance with AML regulations, information security, business model sustainability, and risk management systems. It was a lengthy process with substantial documentation, internal resources, and expertise.
Montonio stands strong as one of the few companies to receive a license or extended licence over the past year, signifying the company’s trustworthiness and commitment to high operational standards.
With the extended license, Montonio can explore wider product development possibilities. Notably, their automatic refunds solution is currently in its testing phase with select merchants. Early feedback is encouraging, and Montonio plans to roll out this feature soon. Additionally, Montonio is enriching its payment solutions in Poland. By integrating BLIK, Apple Pay, and Google Pay, the company enhances convenience for merchants and customers, providing multiple secure payment options to match the evolving preferences in the country’s growing ecommerce market. This development reinforces Montonio’s commitment to providing affordable and secure payment options to a broader customer base.
Karel Nappus, Montonio’s COO, expressed, “We believe in democratising access to low-cost payment solutions. With the extension of our license and the addition of new payment methods, we are reaching even more customers and assisting our merchants in exploring new markets confidently.”
With a forward-thinking approach, Montonio is optimally positioned to facilitate secure and seamless transactions while empowering merchants with innovative, cost-effective payment solutions. As the Polish payments market continues to grow, Montonio remains committed to supporting this growth through cutting-edge fintech services.
Stephen O’Neill, VP of Marketing
Founded in 2018, Montonio is an Estonian fintech provider with a comprehensive platform that enables merchants to accept payments and manage various ecommerce services seamlessly. With a robust suite of services from financing to shipping and refund management, Montonio eliminates the need for multiple systems and offers tailored solutions for specific markets. After securing €11 million in a Series A funding round led by Index Ventures, Montonio has expanded to a 60+ strong team. For more information, visit montonio.com.