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Sorainen Helps European Merchant Obtains Specialized Bank Licence

Sorainen Helps European Merchant Obtains Specialized Bank Licence


Sorainen has helped Akce Holding Malta establish "European Merchant" in Lithuania and obtain a specialized bank license from the European Central Bank through the Bank of Lithuania for the company.

According to Sorainen, "European Merchant is among the first Lithuanian banking market participants to be granted a specialized bank license."

European Merchant is part of the Akce group, which operates in the FinTech industry and is made up of companies offering various payment services. According to Sorainen, "part of the Akce group are companies such as Clearsettle, a London-based white-label B2B payment platform provider, authorized by the UK’s Financial Conduct Authority (FCA) as a licensed payment institution, in 2015 and SettleGo, a cross-border payments and settlement platform, authorized by the FCA as an E-Money Institution."

The Sorainen team consisted of Partners Tomas Kontautas and Augustas Klezys, Senior Associate Dalia Augaite, and Associates Egle Mazetyte and Inga Macijauskaite.

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COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

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