In an era where fintech innovation is reshaping global markets, fostering cross-border collaboration has become essential for sustained growth. Mark Leenards, a Dutch entrepreneur and investor, exemplifies the role of a cultural and business ambassador, linking the dynamic ecosystems of the Netherlands and Lithuania. His journey and insights illuminate the potential of these nations to drive fintech growth while nurturing deeper cultural ties.
Mark’s entrepreneurial voyage began in 2001 with the creation of Miniconomy, an online economy game he co-developed while studying finance in Amsterdam. “From the start, I was drawn to creating systems that blend technology and finance,” he shares. This passion quickly propelled him into the world of hedge funds, where, at just 23, he specialized in global stock markets and applied quantitative techniques to manage portfolios.
In 2019, Mark became the Netherlands' country manager for Neo Finance, a move that marked his introduction to the Baltic region. Lithuania, in particular, captured his attention with its robust financial infrastructure, pro-European stance, and cultural similarities to the Netherlands. “When I first visited Lithuania, I was amazed by the forward-thinking environment. The people were honest, pragmatic, and refreshingly direct—traits that are invaluable in the investment world,” he recalls.
Mark soon recognized Lithuania’s potential as a fintech hub, with its innovative regulatory framework and tech-friendly licensing process. These features position the country as a fertile ground for emerging financial technologies, making it an attractive destination for Dutch investors. Yet, convincing stakeholders wasn’t without its challenges.
Geopolitical concerns, particularly regarding Lithuania's proximity to Russia, initially raised doubts among investors. “The number one hesitation is always the geopolitical situation,” Mark acknowledges. “But I tell them, if there’s a conflict in Europe, it’s not just a Baltic issue—it’s a European issue. The Baltics are among the most secure regions, thanks to their NATO integration and strong EU ties.”
To further build confidence, he organized immersive trips for Dutch investors to experience Lithuania firsthand. “Since 2022, I’ve brought over 30 Dutch investors to Vilnius,” Mark shares. “Visiting the Central Bank and meeting local fintech companies helped them see Lithuania’s potential up close. Most left more enthusiastic than when they arrived, often increasing their investments afterward.”
These visits proved transformative. Investors toured Lithuania’s Central Bank, explored fintech companies, and engaged in networking events, gaining a clear understanding of the country’s capabilities. Cultural activities, including trips to historical landmarks like the KGB Museum, deepened their connection to Lithuania’s heritage.
Mark emphasizes that cultural immersion is as vital as business due diligence in fostering lasting partnerships. “Understanding history builds a deeper connection,” he notes. “When investors see Lithuania not just as a business destination but as a culturally rich and resilient country, they gain a new perspective. ”
Mark’s interactions with the Lithuanian community through BBinB and his ventures offered him profound insights into their character. He admired their industriousness and adaptability, traits forged through a history of resilience.
“Lithuanians have remarkable drive,” he noted. “Their history has shaped them into a hardworking and determined nation, capable of overcoming challenges with creativity and grit.”
This unique blend of resilience and innovation, rooted in historical struggles, makes Lithuanians valuable collaborators in both entrepreneurial and corporate spheres.
Moreover, understanding cultural nuances proved critical. “In the Netherlands, business conversations start with ten minutes of small talk. In the Baltics, it’s one minute—straight to the point,” Mark explains. “For Dutch investors, this efficiency is refreshing. For others, particularly Americans, it can be a bit of a cultural adjustment.”
Lithuania is leading Europe’s fintech revolution, particularly in areas such as e-money institutions and blockchain innovation. Mark advises clients to focus on investing in emerging startups rather than established corporations. “Smaller companies often have more room to grow and adapt,” he says. “The Baltic region, especially Lithuania, is full of talented teams looking to make their mark in the industry.”
Lithuania’s fintech ecosystem is complemented by its Baltic neighbors, each offering unique strengths. Estonia’s digital-first approach and e-residency program attract global businesses, while Latvia advances in digital payments and financial analytics. Collectively, the region benefits from EU initiatives like Open Banking and the Digital Finance Strategy, positioning it as a competitive fintech corridor.
Mark’s work underscores the importance of visiting and experiencing a country firsthand to unlock its true potential. “For any business, the best first step is to visit. Meet people, learn the culture, and immerse yourself. That’s how real opportunities are discovered,” he advises.
Through his efforts, Mark has strengthened the bond between the Netherlands and Lithuania, opening doors for Dutch investors and entrepreneurs in the Baltic region. As fintech continues to evolve, these cross-border connections will play a pivotal role in shaping a prosperous future for both nations.
By aligning innovation, culture, and business expertise, Mark Leenards has laid a strong foundation for a flourishing partnership between the Netherlands and Lithuania—one that promises to redefine the future of European fintech.
