Lithuania was solely represented by Bankera and its founders Vytautas Karalevičius, Mantas Mockevičius, and Justas Dobiliauskas. Bankera attracted the attention of the European Commission after winning the EU-initiated hackathon in the digital finance sector.
„I am delighted that Bankera’s achievements have been noticed by the Commission. It shows that Lithuanian business is valued in the European Union for its creativity, innovation, and ability to adapt to the constantly changing market challenges“, – says Agne Kazlauskaitė, Head of the European Commission‘s mission in Lithuania.
At the height of the coronavirus pandemic, the Bankera team developed a loan product for small and medium-sized businesses most affected by the pandemic. The product uniquely allows businesses that are borrowing money to share the risk with partners.
„The project’s biggest innovation is allowing people to take a loan with a partner guarantee which means the participants of one supply chain can show solidarity to other, often financially weaker, business partners. This can be done without risking their own liquidity, at least in the short-term“, – says Vytautas Karalevičius, the co-founder of Bankera.
Bankera also provides loans to businesses that have decided to move their operations online, both due to new opportunities and the need to adapt to the changes going on around the world. During the pandemic, Bankera also started offering savings accounts, payment cards for business, and online payment collection. All services offered by Bankera can be utilized without physical contact, which became very relevant during the pandemic.
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