Established in March, 2022, FIDES is a tokenised loyalty reward system for the aviation, travel and tourism industries. The startup aims to reconceptualise travel loyalty programs, which are often bureaucratic, inefficient, and present significant balance sheet liabilities to companies. Through a system of tokenised loyalty, FIDES will allow its participants to earn tokenised rewards in innovative ways and spend them in both the primary market and with loyalty program partners.
“Tokenising means transforming the current frequent flyer miles or loyalty points into digital units of value called crypto tokens. Compared to current loyalty systems that limit the interchangeability of rewards, tokenisation will offer our customers new and flexible ways to exchange or grow value. With FIDES, tokens can be earned and redeemed for purchases with any participating merchant, or they are also exchange-tradeable for cash,” says Dana Brice Smith, Co-Founder and Strategic Advisor at FIDES.
The startup’s multinational founder team chose Lithuania, one of the biggest Fintech hubs in Europe, for FIDES’ headquarters. The country’s vibrant startup ecosystem and diverse talent pool were among the main reasons behind this decision.
“In Lithuania, we found a place where global tech companies can innovate, test and rapidly scale their solutions,” Mr Smith says. “Lithuania’s favourable legal and regulatory structure, focus on Fintech product development and Compliance & AML, as well as advocacy and support from Invest Lithuania made the country a great fit for our venture.”
In addition to a local managing director, FIDES is looking to hire a team of over 20 tech and business specialists with experience in Fintech and new technologies, including AI and blockchain. The startup also expects to add platform developers, UX/UI designers, and professionals with entrepreneurial and business development experience to the team.
According to Mr Smith, FIDES seeks to put sustainability, responsibility and community involvement at the heart of its operations.
“As a company, we intend to be an engaged corporate citizen. With transparency, integrity, fairness and community among our main values, we are keen to collaborate with Lithuanian universities, accelerators and incubators and get involved in hackathons and other community events.”
Elijus Čivilis, General Manager at Invest Lithuania believes that FIDES will easily integrate into an ecosystem of like-minded innovators.
“Lithuania provides the optimal conditions for tech startups to launch their solutions. I am confident that in Vilnius, FIDES will find all the ingredients necessary to develop and scale their revolutionary product,” says Mr Čivilis.
