ConnectPay Appoints Chief Compliance Officer Tomas Bolotinas to Management Board

ConnectPay has appointed Tomas Bolotinas, its Chief Compliance and Risk Officer, to its Board of Directors, replacing Rokas Masiulis. This move completes a transition to an entirely executive-led Board, signaling a strategic shift toward internal operational oversight as the Lithuanian fintech sector faces increasing regulatory scrutiny and a demand for sustainable growth models.

What was announced

The appointment of Tomas Bolotinas to the Board of Directors marks a significant restructuring of ConnectPay’s governance model. Bolotinas, who has served as the company’s Chief Compliance and Risk Officer since May 2026, succeeds Rokas Masiulis. With this change, the Board is now composed entirely of internal executives, including Chief People and Governance Officer Lina Burdenkova and Chief Financial Officer Ina Lukošienė. This internal focus is designed to ensure that strategic decisions are grounded in the day-to-day operational realities and internal processes of the firm.

Bolotinas brings a background in compliance leadership, having previously led the compliance department at SME Bank for more than two years and held leadership positions at other international fintech companies, including Volt.io and Railsr. This internal board structure is balanced by a separate Supervisory Board, established in April 2026, which provides independent oversight and shapes the company’s long-term direction. The Supervisory Board is chaired by regulatory compliance and AML expert Lijana Štarienė, alongside members Renata Šumskaitė and Alexandre Pinot.

As a licensed Electronic Money Institution (EMI) regulated by the Bank of Lithuania, ConnectPay provides a suite of embedded banking services. These include SEPA Instant transfers within the euro area, cross-border and SWIFT international transfers, currency exchange, payment cards, and payment initiation services for e-commerce. The company also offers Banking-as-a-Service (BaaS) solutions, positioning itself as a primary infrastructure provider for online businesses.

"In fintech, risk management and compliance are not just a supporting function. They are an integral part of strategic decision-making. I'm grateful for the trust placed in me and for the opportunity to contribute to the Board's work in shaping a strategy that will ensure ConnectPay's responsible and sustainable growth,"

Tomas Bolotinas at ConnectPay.

The companies involved

ConnectPay is a prominent financial solutions platform headquartered in Lithuania, operating as a licensed Electronic Money Institution (EMI) under the supervision of the Bank of Lithuania. It has established itself as one of the largest EMIs in the region, focusing specifically on providing embedded banking services to the global online business sector. The company’s service portfolio is extensive, covering essential infrastructure for modern digital commerce, including payment initiation services, payment cards, and multi-currency exchange.

The firm’s positioning in the market is defined by its focus on the Banking-as-a-Service (BaaS) model, allowing non-financial companies to integrate banking features directly into their own platforms. By operating within the Lithuanian regulatory framework—a jurisdiction known for its robust fintech ecosystem—ConnectPay has navigated the complexities of the euro area’s SEPA Instant network and international SWIFT transfers. The company’s leadership structure, now reinforced by internal executives on the Board and independent experts on the Supervisory Board, reflects a mature approach to the dual pressures of rapid technological scaling and strict regulatory compliance that characterize the current European fintech landscape.

What FF News has reported before

FF News has followed ConnectPay’s technical and strategic evolution closely, including the recent launch of its own infrastructure. In September 2026, we reported on how ConnectPay Spins Off Serdis: The €14B Core Banking Platform Built by an EMI for EMIs, a move that commercialized the company's internal technology. This followed the February 2026 announcement that ConnectPay Launches In-House Core Banking System to Strengthen Resilience, highlighting a shift toward self-reliance in its tech stack.

The company has also been active in market expansion, as seen when ConnectPay and GenToo Partner to Launch Compliance-First Digital Banking for Spain’s Retail Market in August 2026. Additionally, our coverage has explored the broader user experience in the sector, such as in the piece One Tap to Pay, Three Steps to Bank: Why Your Smartphone Gets You, But Your Bank Still Doesn’t.

What this means

This governance shift highlights a growing trend among mature EMIs to elevate compliance from a back-office necessity to a boardroom priority. By filling the Board entirely with internal executives, ConnectPay is betting that operational intimacy will lead to faster, more informed decision-making. However, this move places significant pressure on the Supervisory Board to maintain genuine independence and rigorous oversight. For the wider fintech sector, the message is clear: as regulators in jurisdictions like Lithuania tighten their grip, the "growth at all costs" era is being replaced by a "compliance-first" strategy. The industry will be watching to see if this internal-heavy structure can effectively balance aggressive scaling with the increasing weight of AML and risk obligations.