ZEN.COM has become the largest independent electronic money institution (EMI) in Lithuania by revenue, according to Bank of Lithuania data for the third quarter of 2025.
Based on the central bank’s published market share figures, UAB ZEN.COM accounted for 16.94% of total revenues generated by independent EMIs operating in Lithuania, the highest share among private institutions included in the comparison. The data covers non-state-owned electronic money institutions and reflects the revenue structure of the sector in Q3 2025.
Lithuania as a hub for electronic money institutions
ZEN.COM’s position reflects broader developments in Lithuania’s electronic money sector, which in recent years has become one of Europe’s more significant regulatory and operational centres for electronic money institutions. The country’s framework has attracted a growing number of independent EMIs operating across the EU single market.
Regulatory framework
ZEN.COM operates under licences issued by the Bank of Lithuania, the UK’s Financial Conduct Authority, and the Monetary Authority of Singapore. This regulatory structure allows the company to provide financial services across multiple jurisdictions while complying with differing supervisory requirements.
Michał Bogusławski, CEO Europe at ZEN.COM, said the data highlights the importance of a compliance-driven growth strategy: “Market figures show that a model based on regulatory compliance, technology and disciplined scaling can support long-term growth. From the outset, ZEN.COM has operated as an international organization built around a single, consistent operating model.”
Products and scale
ZEN.COM provides a payment and financial services ecosystem for consumers, businesses and e-commerce partners, integrating accounts, payments, cards, instant cashback programmes and shopping-related solutions within a single platform.
Within five years of launching operations, the company has reached more than 1.5 million retail users and approximately 10,000 business clients. ZEN.COM operates across key European markets as well as in the United Kingdom and Singapore, and employs around 600 people globally, with a significant share of its operational and technology teams based in Poland.
According to the company, the fastest growth in user numbers and transaction volumes has been recorded in markets including Lithuania, Romania, Spain and France. Its instant cashback programme is delivered in cooperation with more than 700 partners, including international consumer brands.
Financial performance and outlook
2025 marked a year of continued expansion for ZEN.COM. Based on preliminary estimates, the company’s revenues for the year exceeded approximately €115 million, while maintaining positive profitability. Final figures are expected to be confirmed following the completion of the annual closing and audit process.
Looking ahead, ZEN.COM is preparing for the next phase of international expansion and is working towards obtaining a licence that would allow it to operate in Hong Kong. The company identifies Asia as a potential long-term growth region, subject to regulatory approvals and local market conditions.
