myTU

Based in Lithuania, myTU offers banking services to both B2C and B2B segments via a mobile app. It is licensed by the Bank of Lithuania as an electronic money institution. The company began as a travel-focused fintech and expanded into mobile banking for retail customers during the Covid-19 pandemic.

Its retail bank account is available for both adults and children, and it can be created by using a government ID or passport, with non-European Economic Area (EEA) nationals required to present a resident permit. EEA nationals can open the bank account for free, while non-EEA nationals are charged EUR 10. The company does not charge any monthly service fees while also providing free Single Euro Payments Area (SEPA) money transfers and international card payments. It also provides two free ATM withdrawals upto EUR 200 per month, with exceeding withdrawals being charged a minimum of EUR 2.5 or 2% of the withdrawn value. The account also provides customers with a Mastercard debit card and a travel card, which can be used to pay in local currencies while traveling.

myTU’s business accounts are offered free of charge and include features such as International Bank Account Number (IBAN) for payments, expense management, and myTU business APIs providing access to three additional users.

The banking app also includes a marketplace that connects customers to service providers in the hospitality, travel, entertainment, and gaming industries. In September 2022, myTU claimed its app had more than 1,000 daily downloads across countries in the EEA.

Funding and financials

myTU raised EUR 5 million (USD 4.8 million) in seed funding led by a group of angel investors in September 2022. It had geared the fresh funds toward product development, marketing, and improving its marketplace.