This article is a part of Poland Unpacked. Weekly intelligence for decision-makers
Already active in 32 markets, Zen.com plans to launch Hong Kong as its Asian hub and enter Ukraine. Its goal is a tenfold increase in its customer base within five years and to equalize the contribution of Europe and Asia to revenues over the next three years – all while keeping costs under control and avoiding risky financing.
Zen.com started out as a payment gateway for online stores, linked to a multi-currency account and a card. Later, it added instant cashback on purchases and money transfers. Today, more than five years after its commercial launch, the Polish-origin fintech counts 1.5 million active individual customers and 10,000 businesses. Yet, as we hear, this is just the starting point for further expansion across Europe and Asia.
The Fintech operates in 32 markets and posts double-digit growth
The company’s story begins in 2018, when Dawid Rożek, co-founder of the gaming platform G2A, registered ZEN.COM. Securing an electronic money institution (EMI) license from the Bank of Lithuania opened the door to operations across the European Economic Area – including the European Union, Iceland, Norway, and Liechtenstein. In 2024, the fintech also obtained local licenses in the United Kingdom and Singapore. It now operates across 32 markets in Europe and Asia.
ZEN.COM officially launched its app in November 2020. Two years later, the Lithuanian entity responsible for EU financial services reached profitability. In an interview with Forbes, Rożek revealed that he had invested around PLN 50 million in Zen during the first two years, partly from proceeds earned from selling a portion of his stake in G2A.
As the customer base and their engagement grow, ZEN.COM is posting double-digit year-on-year revenue growth. Preliminary figures for 2025 indicate that group revenues exceeded EUR 115 million, while maintaining positive profitability. By comparison, between 2021 and 2024, the Lithuanian company’s revenues grew from EUR 8.7 million to EUR 93.9 million, while net income improved from an EUR 3.2 million loss to an EUR 24.7 million profit.
The scale of operations is reflected in data from the Bank of Lithuania. According to its report, in Q3 2025 ZEN.COM was the largest independent electronic money institution in Lithuania by revenue, accounting for nearly 17% of total private EMI sector revenues in the country.
40% of Zen customers use paid plans
Today, ZEN.COM relies on several revenue streams, including card payments, foreign exchange margins, transaction fees from its payment gateway, and income from handling payments for e-commerce and cryptocurrency companies.
Subscription plans are also becoming increasingly important. Higher-tier packages offer customers better exchange rates, higher cashback on purchases, and lower fees on money transfers. Pricing varies by market and currency. Currently, 35–40% of active customers use subscription plans. Over the past year, the number of paid-plan users has grown at a double-digit rate – faster than the overall customer base – indicating a rising willingness to adopt enhanced features and benefits.
“Subscription plans are a significant, stable source of recurring revenue for us, while also serving as a tool to boost customer retention and engagement. Revenue from subscriptions represents an important and growing part of our B2C segment,” says Michał Bogusławski, who has overseen ZEN.COM’s European operations since 2024.
Previously, he served as the fintech’s commercial director for five years.
Expert's perspective
Subscription plans also sell well at Revolut
For Revolut, subscription plans are becoming an increasingly important revenue source. In 2024, they generated USD 541 million in revenue, representing a 74% year-on-year increase. This growth was driven by expanding the range of paid plans with additional services and subscriptions, thereby enhancing their appeal to customers.
Seeking licenses in Hong Kong and Ukraine
Despite its current scale, Zen.com’s operations remain below the ambitions of its managers and founders. Michał Bogusławski is clear that the company does not want to remain a niche player in Europe. Its goal is to build a global financial platform.
A critical part of this strategy is obtaining additional regulatory licenses. The process involves collaboration with local law firms and the creation of entities with the appropriate corporate structure. This includes establishing boards of directors and supervisory boards, as well as teams responsible for regulatory compliance and auditing.
“Proceedings in Hong Kong and Ukraine are already at an advanced stage. Hong Kong is intended to serve as a hub for parts of Asia, enabling cost-efficient expansion across the region. Ukraine, on the other hand, is seen as a market with significant long-term potential, particularly in the context of the country’s future economic reconstruction,” says Mr. Bogusławski.
Zen.com is preparing operationally to enter both markets and plans to launch immediately after regulatory processes are complete. Ukraine remains a particular challenge. Since Russia’s aggression in February 2022, the National Bank of Ukraine has not issued any new payment licenses. The fintech aims to be the first to secure one and to start operations by the end of 2026.
The company emphasizes that each new license is intended to generate profit rather than loss. Reaching the breakeven point in a new market is expected to take 18 to 24 months from the start of full operations.
ZEN.COM to ramp up in Singapore and Europe
Alongside its efforts to secure new licenses, ZEN.COM is expanding in markets it recently entered – the United Kingdom and Singapore. In Q2 2026, the company plans to begin serving its first e-commerce payment clients in Singapore. At the same time, it aims to strengthen its presence in Germany, Italy, and the Nordic countries, where competition among fintechs and payment institutions is particularly intense.
“We will be competing with well-established local players. However, we believe our value proposition will enable us to achieve commercial success,” adds Mr. Bogusławski.
Zen.com currently employs over 600 people from more than a dozen countries, including Lithuania, Poland, the United Kingdom, and Singapore. The largest share of the team is based in Poland, in offices located in Rzeszów, Kraków, and Warsaw. In 2025, the company hired 250 new employees and expects continued growth in headcount alongside its expansion. It is primarily seeking specialists in regulatory and legal areas, as well as product and technology experts capable of translating regulatory requirements into scalable services.
Aiming for a tenfold increase in customers
Zen.com reports that card transaction volumes are growing rapidly. In December 2025, they were twice as high as at the start of the previous year. The fastest-growing markets in terms of transaction volume are Lithuania, Romania, Spain, and France. Poland is no longer the main driver of volume growth, though it remains the leader in the number of users, followed by Romania and Spain.
“We believe that by continuing positive trends in these markets and entering new countries, we will not only double our customer base. A tenfold increase over the next five years is our minimum target,” the executive notes.
Over the next three years, the share of Europe and Asia in both revenue and customer numbers is expected to equalize. This will enable more effective diversification of operations and facilitate the global flow of capital.
Not building a “Super-App”: Betting on simplicity
Both Michał Bogusławski and Dawid Rożek have frequently faced comparisons of Zen.com to Revolut and Wise. Each time, however, they emphasize that the fintech’s DNA is rooted in e-commerce, not in ambitions to create an alternative to traditional banking.
“We combine payments, competitive exchange rates, purchase protection, and price benefits in a single ecosystem. We don’t believe that financial innovation today means adding more features. The key is simplifying the user experience,” stresses Bogusławski.
Global partnerships are a key part of this strategy. At the start of 2026, Zen.com announced a collaboration with Amazon. Under the program, customers in Poland – and later in other European markets – receive instant cashback as soon as their transaction is processed. The cashback program currently operates with over 700 partners, and the company plans to continue its rapid expansion in this area.
“We are interested in partners who genuinely enhance the appeal of our offering. Research shows that customers value promotions most in everyday shopping, electronics, and fashion,” says Mr. Bogusławski.
Not considering customer financing – for now
Unlike Revolut, the fintech does not offer credit products. It also does not provide solutions to hedge currency risk, such as those offered by Ebury. As Mr. Bogusławski emphasizes, the priority is building positive experiences around payments and shopping. Introducing financial products could alter the nature of customer relationships, especially if offered in partnership with external institutions.
“We are building a transactional business. We don’t see ourselves as an app with a bundle of add-ons. We want to deliver value to both buyers and sellers and carefully listen to their needs. We are exploring various development paths, but at this stage, financing is not our highest priority,” Mr. Bogusławski concludes.
Focusing on process automation and payment gateway development
Rather than branching into new business lines, ZEN.COM is concentrating on developing tools for online stores and new payment methods within its gateway. The platform currently offers more than 20 payment options, including card solutions, local payment methods, and offerings from several buy-now-pay-later (BNPL) providers. Around 10,000 business clients use the gateway, primarily in Central and Eastern Europe, as well as in countries such as Lithuania and Romania.
The company plans to further automate operational processes, including onboarding new merchants, identity verification (KYC), handling complaints, and transaction settlements. This is intended to enable continued scaling of operations without a proportional increase in headcount over the coming years.
Regulatory challenges remain on the horizon. ZEN.COM is facing a €1.8 million penalty from the Bank of Lithuania for shortcomings in anti-money laundering (AML) measures. The regulator highlighted gaps in client risk assessment and enhanced monitoring of higher-risk entities.
“We respect the regulator’s decision, but we do not agree with its validity, which is why we have pursued the legally provided administrative-legal path. By the end of March, an independent audit will present our position to the regulator again. It will certainly confirm that the measures we have implemented meet regulatory requirements,” says Michał Bogusławski.
Key Takeaways
- The company is not pursuing financing products or building a “super-app.” Instead, it focuses on expanding its payment gateway – with more than 20 payment methods and 10,000 merchants – its cashback program (700 partners), and further automation of operational processes to limit the need for proportional headcount growth. At the same time, it is addressing a regulatory penalty in Lithuania, assuring that implemented solutions meet all applicable requirements.
- Founded by a Polish entrepreneur, Zen.com, a fintech specializing in currency exchange and cashback, serves 1.5 million individual customers and 10,000 businesses. As its scale grows, so do its revenues – which exceeded EUR 115 million in 2025. The company accounts for nearly 17% of revenues in Lithuania’s private electronic money institution sector and posts double-digit year-on-year growth. Its revenue streams are diversified, and 35–40% of customers subscribe to paid plans, contributing to increasingly predictable cash flow.
- Operating across 32 markets, Zen.com plans to launch Hong Kong as its Asian hub and enter the Ukrainian market. It expects to reach profitability in each market within 18–24 months. Its stated “minimum plan” targets a tenfold increase in customers over the next five years and aims to equalize the share of Europe and Asia in both revenue and customer numbers within three years.