6 min read

Summer postcards

Summer postcards
Photo by Miikka Luotio on Unsplash
Lithuania Tech Weekly #179

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  • Cross that border. This thread got started during Tech Philomaths' dinner, when Robolabs acquisition was mentioned. How scalable is this model? Accounting is notoriously complex following local taxation laws. Indeed in Europe many things aren't scalable – but at this point, that's precisely the opportunity. Businesses that are immediately scalable (think e-commerce) also have little moat against competition. But if you can unlock services that used to be "local" – the advantage will be game-changing. This is part of big story behind Vinted's ongoing success (breaking out of flea markets and local listings), or the skyrocketing of Deel, a $12B monster (before, companies needed a local entity to hire in each country). Ovoko brought Vinted's playbook for used car parts, at speed and scale, making the marketplace much more fluid. Anyone who has moved (even within EU) have experienced European fragmentation – your new doctors won't have health data, you'll have no credit history, it will be tricky with education, and a few more headaches. No surprise simple solution as eTools won the public choice award at the Plug & Play pitch battle in Vilnius – there is room for many more.
  • Fintech has been toxic in the media lately, due to that weird Foxpay political scandal. Let's move beyond that. Lithuania's fintech story is an obvious success story, just look at EUR 340m exports from almost nothing just 5 years ago. ByMyBond doing well, raising EUR 3m in a day (not equity, financing projects). ConnectPay launched European Fintech Index, and it clearly puts New Nordics at the very top. Paysera closed 2023 with EUR 7m profit, and heading to physical retail locations with a new acquisition (virtuali kasa). Greet was awarded as the winner of the JCDecaux Nurture Startup Challenge. Max is building wCard – a supercard for superfans, hiring. He is also keen to connect more with fellow entrepreneurs - DM him for a founder meetup.

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