Fifteen companies from Nordic and Baltic regions took part in the Mastercard Lighthouse FINITIV Program Spring Edition of 2022. Lighthouse FINITIV is a four- month startup program that helps Nordic and Baltic fintechs explore partnership opportunities with Mastercard and major Nordic banks like SEB, Danske Bank, DNB, Swedbank, and OP Financial Group. Each year, program partners choose a winner from hundreds of applicants based on criteria that include founder ambition, product potential and progress during the program.

Selected for building an innovative approach to cashless tipping and finding an elegant and simple solution to a known problem in the market, Tipit was named the most promising startup in Lithuania by the program’s corporate participants. 15 start-ups took part in spring program. Overall winner was Danish based Vibrant and the Norwegian class winner was awarded to Vayapay.Selected for building an innovative approach to cashless tipping and finding an elegant and simple solution to a known problem in the market, Tipit was named the most promising startup in Lithuania by the program’s corporate participants. 15 start-ups took part in spring program. Overall winner was Danish based Vibrant and the Norwegian class winner was awarded to Vayapay.

“We have seen exceptionally strong companies coming from Lithuania this Spring edition of Mastercard Lighthouse FINITIV program. Among the five selected we had two companies focusing on BaaS (Banking-as-a-Service) which is in line with the raise of embedded finance trend in the market. Another company focusing on supporting SMEs, previously an overlooked segment, however today we see many great solutions specifically targeting smaller companies. Finally, the winner of Baltic class – Tipit who has impressed us with an innovative solution that is also easy to adapt and has great potential in markets such as USA. It is fantastic to see how Lithuanian fintech space has evolved through government initiatives, and we at Mastercard look forward seeing many more strong companies being built from Lithuania”, says Mats Taraldsson, Head of Innovation, Fintech and Impact-tech Engagement, Mastercard Nordics and Baltics, Mastercard Nordics and Baltics.

“Millions in hospitality are overlooked in the cashless society. We need to make sure this industry is protected and able to thrive, so we feel blessed we can actually solve the problem of cashless tipping and accounting once and for all. Not only in Europe, but the US as well. Mastercard Lighthouse has massively contributed to our vision”, says Tautvydas Grinius, CEO and cofounder at Tipit“Millions in hospitality are overlooked in the cashless society. We need to make sure this industry is protected and able to thrive, so we feel blessed we can actually solve the problem of cashless tipping and accounting once and for all. Not only in Europe, but the US as well. Mastercard Lighthouse has massively contributed to our vision”, says Tautvydas Grinius, CEO and cofounder at Tipit

Lithuanian-based start-up Tipit is a cashless tipping, straight into waiters’ personal bank accounts, requiring zero merchant integrations. Decreasing tips, gratuities and donations means lower salaries for the waiting staff, which in turn means that restaurant and bar owners are having a hard time attracting talent. Tipit is looking to solve this with an easy-to- usement terminal.Lithuanian-based start-up Tipit is a cashless tipping, straight into waiters’ personal bank accounts, requiring zero merchant integrations. Decreasing tips, gratuities and donations means lower salaries for the waiting staff, which in turn means that restaurant and bar owners are having a hard time attracting talent. Tipit is looking to solve this with an easy-to- usement terminal.

”SEB has been a partner of Mastercard Lighthouse FINITIV program since it was established in 2018, and we are happy to see that more and more mature companies participate in the program each year. Companies are showing traction, some of them are already generating revenue. The fact that they were not selling their products but rather looking for mutual growth opportunities and collaborations made the whole experience much more fluid. It was great to see how participants were able to capture our business needs during the meetings and generate solutions right away. We are excited to see Tipit as the Lithuanian class winner and believe in their ambition to grow and scale in different markets within and beyond Europe.“ says Marius Ribokas, Innovation Lead in Fintech partnerships, SEB Baltic

This spring semester the full Baltic class was very strong and other Lithuanian companies that took part in the program were Kernolab, SmeFinance, Pixevia and Verified Payments. It has been an incredible journey, and the Mastercard Lighthouse team is proud to have worked with 15 of the top fintech companies in Denmark, Norway and Lithuania. All of them put in tremendous effort and continue to pave the way by bringing innovative solutions to each of their markets.

The Lighthouse FINITIV Program winner receives an invitation to pitch for Mastercard’s Start Path program. The next Mastercard Lighthouse FINITIV Program in the Fall will start in the end of August 2022 focusing on the Swedish, Finnish and the Latvian markets. Read about the fintech trends and solutions of Mastercard Lighthouse FINITIV companies in the recently published Mastercard Lighthouse Research Report.