Cobalt has helped Earthport Payment Services UAB obtain a payment institution license from the Bank of Lithuania.
Earthport Payment Services is now licensed by the Bank of Lithuania to provide payment services specified in Lithuania's Law on Payments: credit transfers, issuance of payment instruments, and processing of incoming payments.
The only shareholder of Earthport Payment Services is Earthport PLC, a UK-based licensed payment institution. The company is listed on London Stock Exchange. According to Cobalt, "Earthport’s global payment network powers transactions for the global financial institutions, e-commerce companies, money transfer organizations, and payment aggregators."
“By attracting the best of the FinTech industry, our cluster becomes better with each and every new player," said Mantas Katinas, the Managing Director of Invest Lithuania. "Earthport – a company on the forefront of making cross-border seamless for the customer – is definitely one of the strongest additions to our ecosystem this year.”
Cobalt advised Earthport Payment Services on all issues related to obtaining the license, drafted the license application documents, and represented the company before the Bank of Lithuania. The firm's team consisted of Senior Associate Justina Milasauskiene and Associate Justina Auzbikaviciene.