The international fintech company ArcaPay enters the Latvian market

Marius Bausys, founder of ArcaPay

A UK and Lithuania-based cross-border payment platform ArcaPay has entered the Latvian market to become a leading non-bank foreign exchange broker for businesses.

VILNIUS, LITHUANIA, Oct. 24, 2022 /EINPresswire.com/ — A UK and Lithuania-based cross-border payment platform ArcaPay has entered the Latvian market and plans to become a leading non-bank foreign exchange broker for business customers in Latvia. The company targets small and medium-sized enterprises (“SMEs”) with trading partners outside the Eurozone and offers them an efficient alternative to commercial banks.

Founded in London in 2011, ArcaPay specializes in cross-border payment, foreign exchange and currency risk management solutions. The services are built and tailored for import and export companies that need to handle foreign currency in their business, for example when paying suppliers abroad. The company serves customers in 20+ countries and offers them payments in 30+ currencies to 100+ destination countries. Latvia is the third country where the company has established local representation.

ArcaPay’s founder Marius Bausys, a former banking professional in the City of London, commented: “In light of ArcaPay’s approximately 40% annual growth in Lithuania, we are delighted to enter the Latvian market, which currently seems underserved. SMEs have historically has been overlooked by the banking sector, so we expect our customer-centric approach to make the difference. Our customers in other countries appreciate the value we bring to the table, and we hope to deliver the same to our customers in Latvia: fast payments, competitive exchange rates, no fees or obligations, and excellent customer service”.

ArcaPay also strives to bring currency risk management to the attention of SMEs. This topic is particularly relevant as global markets experience increased volatility. “Compared to other more developed markets such as the UK, businesses in the Baltic States are more passive when it comes to managing their currency exposures. While larger companies follow best practice, SMEs tend to accept the risk without much thought .We hope to share our expertise in currency risk management with Latvian companies in industry events as well as in free one-on-one consultations, says M. Bausys.

ArcaPay cares about the sustainability of its customers as well as other businesses. Therefore, earlier this year the company launched a freely available sanctions screening tool, which enables companies to check whether their existing or potential partners are subject to international economic sanctions. It was one of the first such public information databases in the Baltic States (or: in the CEE region / Central and Eastern Europe).

Marius Bausys
ArcaPay
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