Revolut, a fast-growing London-based fintech startup, is considering opening a 40-strong development centre in Vilnius and also applying for a specialized bank licence at the Bank of Lithuania, Verslo žinios reports.

Revolut and Bank of Lithuania signed a memorandum of understanding this Thursday at the FintechInn conference in Vilnius.

“We are possibly planning an office in Lithuania, where software developers would work,” Nikolay Storonsky, Revolut’s co-founder and CEO, was quoted as saying.

He suggests the office could be launched by the end of this year. Up to 40 people could work there, but this number is not yet carved in stone. Revolut already has offices in UK, Poland and Russia.

Mr Storonsky also said they are considering Lithuania because of an efficient payment system and good IT skills of Lithuanian population.