Eugene Shipulya's Insights on Starting and Growing a Fintech Company

When you think of starting a financial company, a bank is often the first thing that comes to mind. But for me, the appeal of banking was limited. My true interest has always been in payments—how money moves, the systems that enable these transactions, and how technology can simplify the process.

Setting up or buying a bank is also highly complex, and transactions are just one part of what a bank does. I wanted to focus exclusively on payments, so I began exploring other types of licenses that would allow me to do that.

That’s how WeavePay was born. A fintech company centered on transactions, driven by a modern outlook, and anchored in technology.

In the early stages of establishing a financial company, choosing the right location for licensing is crucial. To make the best decision, I consulted with a long-time colleague with deep industry knowledge and a strong connection to Lithuania. Around this time, Revolut was also making waves in Lithuania, operating as a full-fledged bank and quickly scaling globally. Although our business model was different from theirs, it provided some proof of concept for the region. With this in mind and guided by my colleague’s expertise, we proceeded with our application. The response from Lithuania’s Central Bank was overwhelmingly positive, and we were fully approved to operate there.

However, as we began discussing partnerships with correspondent banks across Europe and the UK, it became clear that there was a strong preference for a UK license among the banks we approached. It was a surprising realization that, despite recognizing Lithuania’s strengths as a jurisdiction, these potential partners still favored working with a UK-licensed entity. Given this reality, I decided to shift our focus from Lithuania to the UK.

Securing a license in the UK is not an easy process, but it’s absolutely achievable if you approach it correctly. The British regulator, the FCA, is detailed, clear, and highly organized. If you follow their guidelines closely, obtaining a license is straightforward, though still highly intensive. I was fortunate to work with a strong legal team that was essential in guiding us through the process. In fact, their expertise went beyond simply helping us acquire the license—it ensured we were well-prepared to operate effectively afterward.

The core team at WeavePay also played a crucial role from the very beginning. I was fortunate to have a group of smart, dedicated, and nimble professionals like Girts Straujums, Evaldas Jurevicius, Alexey Lopatin, and Leo Shipulya. In the early stages, they took on a wide range of responsibilities—from crafting website content to negotiating with regulators and correspondent banks—ensuring we laid a strong foundation for the company.

The biggest challenge we faced during this process was the unexpected delays caused by the COVID-19 pandemic. We were assembling our team and securing our license right as the world was shifting online. I remember still conducting all of my calls through Skype, and just as COVID became global, I found myself learning how to set up Zoom meetings—right in the middle of navigating the licensing process. It was a bit absurd, but it was the reality everyone was dealing with. Despite these disruptions, the FCA remained steadfast and pushed through, maintaining one of the most organized and clear-cut licensing processes I’ve encountered. 

Once we secured the UK license, our ambitions were high. We initially offered a broad range of services, including personal accounts, business accounts, merchant accounts, and debit cards. We grew quickly but soon realized we couldn’t be everything for everyone. As we progressed, we continued to strengthen our foundation, reinvesting in what worked and always prioritizing our clients' needs above all else. Over time, we refined our focus, growing and trimming the vine where necessary to excel in the areas that mattered most.

A key part of our strategy at WeavePay has been our commitment to building a solid foundation by developing and owning our infrastructure, from the client-facing cabinet to the back-office systems and core banking platform. This approach gave us control over critical aspects like transaction monitoring, customer relationship management, and integrations, ensuring the highest standards of security and compliance while delivering an intuitive user experience. By fully owning our platform, we reduced vulnerability to external risks and gained the ability to clearly explain and manage the user journey from start to finish. This level of oversight has been invaluable in maintaining strong relationships with regulators, banks, and partners.

In addition to this solid foundation, our strategy focused on working with a select clientele, allowing us to deliver the most value through tailored, high-quality service across all touchpoints. This clarified approach has strengthened our relationships and enabled us to reach profitability in just under two years — a pleasant rarity in today’s startup landscape! 

As our client base grew, so did our need for a larger team to manage key roles like compliance, operations, and development. London offered the ideal environment for this expansion, with access to top talent and opportunities to build crucial relationships with banks and service providers. The city’s role as a global financial hub has been essential to our growth.

With a strong team in place and the business rooted in London, the next crucial step was establishing partnerships that would help us scale and remain competitive in the fast-moving fintech industry. The key was not just finding partners, but finding those committed to the long haul. We’ve encountered many companies that looked good on paper but didn’t deliver.

Two key partners that have significantly contributed to WeavePay's growth are Wallester and Sumsub. Wallester has been instrumental in launching our Visa debit card program, supporting both private and business verticals. As one of their first clients, we've had the opportunity to grow alongside them from the start. Sumsub has also proven to be a reliable partner, with adaptable and versatile systems that help us maintain strict compliance standards and create a smooth and straightforward onboarding process. 

Additionally, having several of our key payment partners just a couple of tube stops away from us in London has greatly enhanced our collaboration. The ability to meet in person has made communication more effective and allowed us to quickly address any challenges that arise. In a rapidly evolving industry like ours, these close relationships have been invaluable in helping us stay ahead.

While we've established a solid foundation and achieved significant milestones, there's always room to grow and expand our impact. Looking back, if someone asked me what I wish I had done differently, it would be applying for our license at least three years earlier. Entering the market sooner would have allowed us to capitalize on the first-mover advantage. The later you enter the market, the more difficult it is to stand out, even if your services are better than the competition. Early entry can make all the difference in establishing a strong presence before the market becomes saturated.

As we’ve grown, we’ve learned that focusing on what we do best is key to our success. Initially, we offered a broad range of services, but we quickly realized that to truly excel, we needed to narrow our focus and master our niche. Like every company, our strengths can also be our weaknesses, so we’ve chosen our path carefully while staying open to new opportunities as we evolve. Our success will be determined by the strength of our team, with each member being an expert in their field. Their organization and drive will keep us ahead of the competition, and it’s our collective determination, fueled by a natural push to excel, that will ensure we continue to thrive in a fast-paced industry.