The FMA warns about the electronic money institution KogoPay. The institution’s licence to provide financial services has been revoked by Lietuvos bankas, the Lithuanian supervisory authority. Its licence has been revoked due to its failure to comply with own funds requirements in 2025, including failing to submit its financial reports to the supervisory authority.
KogoPay’s liabilities exceed its assets, and the institution is unable to meet its financial obligations in a timely manner. It has been determined that the institution is insolvent. The electronic money institution has acknowledged this and confirms that it is currently unable to meet its financial obligations. Due to these breaches, Lietuvos bankas decided that the institution is no longer able to conduct the activities covered by the scope of its licence and has therefore revoked its licence.