NEO Finance, AB announces that FinoMark, UAB, on November 10, 2023, obtained a crowdfunding service provider license from the Bank of Lithuania under CFR regulation. The CFR license allows FinoMark, UAB to offer services across all EU and EEA states.
This step is significant because FinoMark, UAB will be capable of commitment in expanding their operations in the financial sector and providing innovative financial services. The granting of the license enables FinoMark, UAB to embark on a new phase, offering accessible financing solutions to businesses throughout the entire European Union and European Economic Area.
By offering competitive interest rates starting from 6 percent per annum, FinoMark, UAB strives to become a bridge between traditional banking and alternative lending solutions, catering to businesses of various sizes. In the third quarter of 2023, the crowdfunding platform FinoMark, UAB facilitated the issuance of business loans amounting to EUR 1.089 million, compared to EUR 806 thousand financed in the third quarter of 2022.
FinoMark, UAB will focus on financing niche business projects, including the financing of fuel VAT and excise duties for logistics companies, the creation of a convenient and flexible credit line for SMEs, and the financing of self-employed individuals. FinoMark, UAB is moving towards these goals and in October has already signed a partnership agreement with BOLT in order to provide BOLT drivers with a convenient and quick access to vehicles for the provision of a pickup service, using the services of the FinoMark, UAB crowd-funding platform. It is also important to mention that FinoMark, UAB has already started hosting the platform and our investors have successfully mobilised funds for the first VAT refund transactions for fuel purchased by logistics companies in other EU countries.