At the beginning, there was a payment gateway for online stores, combined with a multi-currency account and a card. Later, instant cashback on purchases and money transfers were added. Today, more than five years after its commercial launch, 1.5 million individual customers and 10,000 companies actively use the services of ZEN.COM – a fintech originating from Poland. However, as we hear, this is only a starting point for further expansion in Europe and Asia.
The fintech operates in 32 markets and is growing at a double-digit rate
The company’s history dates back to 2018. That was when Dawid Rożek, co-founder of the gaming platform G2A, registered ZEN.COM. Obtaining an Electronic Money Institution (EMI) license from the Bank of Lithuania opened the way for operations across the entire European Economic Area – the European Union, Iceland, Norway, and Liechtenstein. In 2024, the fintech also secured local licenses in the United Kingdom and Singapore. It now operates in 32 markets across Europe and Asia.
The official launch of the ZEN.COM app took place in November 2020. Two years later, the Lithuanian entity responsible for providing financial services within the European Union reached profitability. In an interview with Forbes magazine, Dawid Rożek admitted that during the first two years he invested approximately PLN 50 million in Zen, partly from funds obtained through the sale of part of his shares in G2A.
Along with the growing number of customers and their activity, ZEN.COM has recorded double-digit year-on-year revenue growth. According to preliminary data for 2025, group revenues exceeded EUR 115 million while maintaining positive profitability. For comparison, between 2021 and 2024, revenues of the Lithuanian company increased from EUR 8.7 million to EUR 93.9 million. Net results improved from a loss of EUR 3.2 million to a profit of EUR 24.7 million.
The scale of operations is reflected in data from the Bank of Lithuania. According to its figures, in the third quarter of 2025 ZEN.COM was the largest independent electronic money institution in Lithuania in terms of revenue. The fintech accounted for nearly 17% of total revenues of the private EMI segment in the country.
40% of customers use paid plans
Today, ZEN.COM relies on several revenue streams. These include card payments, FX margins, commissions from transactions processed via the payment gateway, and revenues from servicing payments for companies in the e-commerce and cryptocurrency sectors.
Subscription plans are becoming increasingly important. With higher-tier packages, customers receive better exchange rates, higher cashback on purchases, and lower fees for money transfers. Pricing varies depending on market and currency. Currently, 35–40% of active customers use subscription plans. Over the past year, the number of users on paid plans has grown at a double-digit rate, faster than overall customer growth. The company interprets this as a signal of increasing willingness to use extended features and benefits.
“The subscription model is an important and stable source of recurring revenue for us, while also serving as a tool to increase customer retention and engagement. Revenue from plans constitutes an important and growing part of the B2C segment,” says Michał Bogusławski, who has been responsible for ZEN.COM’s operations in Europe since 2024. Previously, he served as the fintech’s Chief Commercial Officer for five years.
Plans to obtain licenses in Hong Kong and Ukraine
The current scale of operations remains below the ambitions of Zen’s management and founders. Michał Bogusławski emphasizes that the company does not intend to remain a niche player in Europe. Its goal is to build a global financial platform.
Obtaining additional regulatory licenses is key to executing this strategy. The process requires cooperation with local law firms and the establishment of companies with appropriate governance structures, including management boards, supervisory boards, compliance teams, and audit functions.
“Proceedings in Hong Kong and Ukraine are already at an advanced stage. Hong Kong is expected to serve as a hub for part of Asia, enabling cost-effective expansion in the region. Ukraine, on the other hand, is seen as a market with significant long-term potential, particularly in the context of future economic reconstruction,” says Bogusławski.
Zen.com is operationally preparing to enter both markets and plans to begin operations immediately after regulatory processes are completed. Ukraine remains a particular challenge. Since the Russian aggression began in February 2022, the National Bank of Ukraine has not issued any new payment licenses. The fintech aims to be the first entity to obtain one and to launch operations by the end of 2026.
The company emphasizes that each new license is expected to generate profit rather than loss. Achieving break-even in a new market is projected to take 18 to 24 months from the start of full operations.
Further expansion in Singapore and Europe
Parallel to its licensing efforts, ZEN.COM is developing operations in markets where it recently debuted – the United Kingdom and Singapore. In the second quarter of 2026, the company plans to begin servicing its first e-commerce clients in Singapore. At the same time, it intends to strengthen its presence in Germany, Italy, and the Nordic countries, where competition among fintechs and payment institutions is particularly intense.
“We will compete with well-established local players. However, we believe our value proposition will allow us to achieve commercial success,” adds Bogusławski.
Zen.com currently employs over 600 people from more than a dozen countries, including Lithuania, Poland, the United Kingdom, and Singapore. The largest share of the team works in Poland, in offices located in Rzeszów, Kraków, and Warsaw. In 2025, the company hired 250 new employees and plans further growth in line with expansion. It is primarily seeking regulatory and legal specialists, as well as product and technology experts capable of translating regulatory requirements into scalable services.
Aiming for tenfold customer growth
Zen.com reveals that card transaction volumes are growing dynamically. In December 2025, they were twice as high as at the beginning of the previous year. The fastest-growing markets by transaction volume are Lithuania, Romania, Spain, and France. Poland is no longer the main growth driver in terms of volume, though it remains the leader in number of users, followed by Romania and Spain.
“We believe that by continuing positive trends in these markets and entering additional countries, we will be able not only to double the number of customers. A tenfold increase within the next five years is our minimum plan,” emphasizes the manager.
Within three years, the share of Europe and Asia in revenues and customer numbers is expected to equalize, enabling better diversification and facilitating global capital flows.
Focus on simplicity, not a super-app
Both Michał Bogusławski and Dawid Rożek have often faced comparisons between Zen.com and Revolut or Wise. They consistently stress that the company’s DNA lies in e-commerce rather than in building an alternative to a traditional bank.
“We combine payments, attractive FX rates, purchase protection, and pricing benefits in one ecosystem. We do not believe that innovation in finance today means adding more and more features. The key is simplifying the user experience,” says Bogusławski.
A key element of this strategy is global partnerships. At the beginning of 2026, Zen.com announced cooperation with Amazon. Under this partnership, customers in Poland – and subsequently in other European markets – receive instant cashback once a transaction is settled. The cashback program is currently implemented in cooperation with over 700 partners, and the company plans further dynamic growth in this area.
“We are interested in partners who genuinely increase the attractiveness of our offer. Research shows that customers most value promotions in everyday shopping, electronics, and fashion,” adds Bogusławski.
Not planning to offer credit products for now
Unlike Revolut, the fintech does not offer credit products. Nor does it provide currency risk hedging solutions like those offered by Ebury. According to Bogusławski, the priority is to build positive experiences around payments and shopping. Introducing financial products could change the nature of the relationship with customers, especially if offered in cooperation with external institutions.
“We are building a transactional business. We do not see ourselves as an app filled with add-ons. We want to deliver value to buyers and sellers and carefully listen to their needs. We are analyzing various development directions, but at this stage financing is not our highest priority,” he concludes.
Focus on automation and gateway development
Instead of entering new business lines, ZEN.COM focuses on developing tools for online stores and new payment methods within its payment gateway. It currently offers over 20 payment methods, including card solutions, local payment methods, and several buy-now-pay-later (BNPL) providers. Around 10,000 business clients use the gateway, mainly in Central and Eastern Europe, as well as in Lithuania and Romania.
The company plans further automation of operational processes, including onboarding new merchants, identity verification (KYC), complaint handling, and transaction settlements. This is expected to enable further scaling without proportional increases in headcount.
However, regulatory challenges remain. ZEN.COM is facing a €1.8 million fine imposed by the Bank of Lithuania for deficiencies in anti-money laundering (AML) processes. The regulator pointed to shortcomings in customer risk assessment and enhanced monitoring of higher-risk entities.
“We respect the regulator’s decision, but we disagree with its justification, which is why we have used the available legal-administrative path. By the end of March, an independent audit will again present our position to the regulator. It will certainly confirm that the implemented solutions meet regulatory requirements,” says Michał Bogusławski.
