Digital banking enabler myTU says it has raised €10 Million in an oversubscribed Series A funding round. The Fintech said its original target had been €9 million. myTU raised money at a pre-money valuation of €35 million.
The funding round was backed by existing investors as well as two new strategic shareholders. Investors were not named. The company had previously raised €6 million in funding.
myTU is a cloud-first digital bank that incorporates artificial intelligence. The company offers various digital banking services with remote onboarding to both consumer clients and businesses, including payments-as-a-service and family banking powered by its proprietary core banking platform.
Headquartered in Vilnius, Lithuania, myTU was founded in 2019 by Raman Korneu and Tomas Navickas. The company reports over 50,000 retail customers across 100+ nationalities and 200+ legal entities. myTU predicts that it is on track to process over €1 billion in transactions by 2025.
Korneu, CEO of myTU, said:
“The Fintech landscape is shifting. Funding is harder to secure, and profitability has become the real measure of success. With this investment, we are focused on scaling sustainably and reaching break-even this year. Our technology allows us to serve millions of users with a lean team, and this efficiency is what sets us apart. We are building a banking platform that is not just digital-first, but truly digital-native.”
The new funding is expected to support product expansion, development of lending services, and regulatory preparations for securing a full banking license from the Bank of Lithuania.
The company said that in the next 12 months, myTU plans to scale its acquiring and lending capabilities, expand partnerships, and further strengthen its banking infrastructure.