myTU, a digital banking platform leveraging AI and cloud technology, has successfully raised €10 million in a Series A funding round, surpassing its initial target of €9 million. The round saw investments from existing shareholders, who increased their stakes, as well as new strategic investors with expertise in payments and mobility. This oversubscribed round values myTU at over €35 million, reflecting the growing investor confidence in its business model and its future prospects.
The funds raised will be directed toward expanding myTU's operations in acquiring and lending services, in addition to preparing for a full banking license with the Bank of Lithuania. By offering a digital-first, cloud-based banking solution, myTU aims to address the significant gap in financial services access. In Europe alone, over 13 million adults remain unbanked, and small businesses face high costs and limited options for financial services. myTU aims to democratize access to banking, offering automated, AI-powered financial solutions, including personal and business accounts, payments-as-a-service, family banking, and loyalty features within a marketplace. Their innovative platform, built on proprietary core banking infrastructure, allows the company to serve high-growth markets efficiently while keeping operational costs low.
Raman Korneu, co-founder and CEO of myTU, emphasized the shifting fintech landscape, noting that profitability is now the true measure of success. Despite operating with only €6 million in prior funding, myTU has demonstrated remarkable capital efficiency and is on track to process over €1 billion in transactions by 2025. The company serves more than 50,000 retail customers from over 100 nationalities and 200+ businesses. With this new investment, myTU plans to scale its acquiring and lending services, forge new partnerships, and enhance its infrastructure further.
Looking ahead, myTU expects to reach profitability in 2025, positioning itself as a leader in the digital banking space by providing efficient, affordable solutions to underserved individuals and businesses. Its strategic approach and technological innovation set it apart in the competitive fintech sector, offering a lean, scalable model that meets the needs of a rapidly evolving market.
