"Rontgen" decade: how the most conservative became the largest
According to the latest data from the Bank of Lithuania, "Rontgen", which raised EUR 95.2 million last year, became the largest crowdfunding operator in the country. The company, celebrating a decade of operations, not only creates a sustainable investment offering for residents but also helps real estate developers and property management businesses grow.
In April, the Bank of Lithuania published a review of the country's crowdfunding service providers for 2025, which showed that the entire sector grew by 36.3% last year to EUR 379.4 million. A quarter of this amount was raised by Rontgen investors, and UAB "Trecia diena", which operates this platform, became the largest market participant.
Rontgen representatives have publicly stated more than once that the company's goal was never to become "the largest". Rontgen partner and CEO Greta Zarembiene says she now views this latest achievement as proof of value for business clients.
"Investors in Lithuania have already seen that conservative lending and smoothly executed loans are more valuable than a few extra percentage points of return. This level of investor maturity allows us to engage with increasingly larger real estate developers, to whom we can offer competitive conditions, flexibility, and support for growth. The solid new investment opportunities they provide further expand the circle of investors who value conservatism and reliability the most," says G. Zarembiene.
In her opinion, although a conservative financing strategy limited the platform's theoretical expansion in its early years, it ultimately led to Rontgen establishing itself among the largest market players.
"Simply put, when we are not a burden or just an obligation for a business, but a partner interested in its growth, all parties win. I believe that with an annual loan portfolio of nearly EUR 100 million, we are gradually contributing to the direction of the country's real estate market by promoting economically sound, sustainable, and liquid development," says the head of Rontgen.
Who and how it helps grow
Over 10 years of operation, Rontgen has already issued nearly EUR 300 million in loans to businesses, with most of this portfolio accumulated in recent years. During this time, more than 100 different real estate projects have been financed on the platform.
G. Zarembiene says she cannot single out the most prominent real estate projects financed by Rontgen, as each approved loan application, investor-funded project, and successful completion is in itself a sign of economic sustainability. However, she highlights the most notable scenarios in which Rontgen helps real estate developers or owners grow.
"We finance development activities at all stages: land acquisition, design, construction, or sales. However, the value lies in nuances and details. For example, unlike banks or credit unions, we more boldly finance land and consider it sufficient collateral. This allows developers at the acquisition stage to save time, secure a better price, avoid intermediaries, and design according to their own vision," explains the Rontgen representative.
In recent years, another scenario has emerged where Rontgen helps well-known Lithuanian developers enter foreign markets. Examples include financing a luxury holiday villa project in Finland by Lithuanian developer "Lunvio" and a storage project in Poland by "NordSpace", which is well known in Lithuania. In such cases, Rontgen helps solve situations where, in a new market, an unknown player cannot yet obtain local financing for initial development stages, but later, once contracts or cash flow appear, local banks are willing to finance them.
"Overall, long-term partnerships and earned mutual trust allow us to achieve even more. For example, we discuss anticipated financing needs with developers in advance, so when the time comes for a loan for construction or acquisition, we ensure a very fast response and decisions. Also, over the decade, we have built a network of trusted partners and professionals, allowing us to exchange information and insights with clients that translate into savings, opportunities, or risk management," says G. Zarembiene.
Among other areas financed by Rontgen, she mentions business sectors beyond real estate development, such as renewable energy, aviation, and manufacturing. Another specialization of Rontgen is loans for business working capital. However, the majority of the operator's activities consist, and in the near future will continue to consist, of residential housing development financing in Lithuania: foreign projects or non-standard sectors mainly serve to meet investor diversification needs and support existing clients' growth.
In the company's business client portfolio, alongside mid-sized and growing developers, well-known names have appeared in recent years such as "Citus", "Omberg", and "Rinvest", as well as the highly respected Kaunas-based "Avadi", known for transforming the entire Sanciai barracks district and for long-term housing development carried out directly rather than through project companies.
"Historically, for many reasons, the 'Vilniaus Dziazo' project in the capital's Old Town is memorable to me. At the time, the developer Gediminas Tursa's experience, reputation, partner team, and unique plots in the Old Town gave Rontgen the basis to finance the early stages of this project even before a construction permit was obtained. Later, the project transitioned to bank financing, and soon 'Vilniaus Dziazas' will not only impress with its distinctive architecture but also with a revived elegant interwar administrative building and a new high-quality public space," says G. Zarembiene.
Throughout its entire history, Rontgen has not had any cases of lost capital, and the only more significantly delayed project is currently being successfully completed. Therefore, the overall quality of the Rontgen loan portfolio is comparable to banking indicators.
What is next
Rontgen is maintaining a high growth rate this year as well: in the first quarter, platform investors raised EUR 29.8 million, about 35% more than in the same period last year.
According to publicly available data from market participants, this was the largest amount in Lithuania in the past quarter by a wide margin. Rontgen notes that this result was achieved with the most conservative interest rates in the market, ranging from 6% to 9.5% in the first quarter.
"This detail once again confirms that investors are looking for sustainable projects rather than maximum returns. At the same time, such interest ranges are competitive for the largest and most solid business projects," states G. Zarembiene.
The platform also observes a growing level of investment from companies (legal entities), which may be driven by tax reform. According to Rontgen, increased progressivity in personal income taxation is creating more scenarios where it is more beneficial for business owners to invest through company funds rather than withdrawing personal income.
At the beginning of the year, Rontgen predicted that platform investors would raise EUR 130–150 million this year. Now, G. Zarembiene notes that both Rontgen and the entire Lithuanian crowdfunding ecosystem have successfully withstood challenges such as Covid, raw material shocks, and geopolitical tensions.
"Therefore, in this context, it is worth returning to conservatism. We select and finance projects with a buffer that helps withstand various market challenges. Like the rest of the world, we cannot predict unknown unknowns. However, I am confident in the strategy that Rontgen has been developing for a decade—to finance projects by evaluating them not only under a growing market scenario but also under a moderate one," says G. Zarembiene.
"Rontgen" decade: how the most conservative became the largest
According to the latest data from the Bank of Lithuania, "Rontgen", which raised EUR 95.2 million last year, became the largest crowdfunding operator in the country. The company, celebrating a decade of operations, not only creates a sustainable investment offering for residents but also helps real estate developers and property management businesses grow.
In April, the Bank of Lithuania published a review of the country's crowdfunding service providers for 2025, which showed that the entire sector grew by 36.3% last year to EUR 379.4 million. A quarter of this amount was raised by Rontgen investors, and UAB "Trecia diena", which operates this platform, became the largest market participant.
Rontgen representatives have publicly stated more than once that the company's goal was never to become "the largest". Rontgen partner and CEO Greta Zarembiene says she now views this latest achievement as proof of value for business clients.
"Investors in Lithuania have already seen that conservative lending and smoothly executed loans are more valuable than a few extra percentage points of return. This level of investor maturity allows us to engage with increasingly larger real estate developers, to whom we can offer competitive conditions, flexibility, and support for growth. The solid new investment opportunities they provide further expand the circle of investors who value conservatism and reliability the most," says G. Zarembiene.
In her opinion, although a conservative financing strategy limited the platform's theoretical expansion in its early years, it ultimately led to Rontgen establishing itself among the largest market players.
"Simply put, when we are not a burden or just an obligation for a business, but a partner interested in its growth, all parties win. I believe that with an annual loan portfolio of nearly EUR 100 million, we are gradually contributing to the direction of the country's real estate market by promoting economically sound, sustainable, and liquid development," says the head of Rontgen.
Who and how it helps grow
Over 10 years of operation, Rontgen has already issued nearly EUR 300 million in loans to businesses, with most of this portfolio accumulated in recent years. During this time, more than 100 different real estate projects have been financed on the platform.
G. Zarembiene says she cannot single out the most prominent real estate projects financed by Rontgen, as each approved loan application, investor-funded project, and successful completion is in itself a sign of economic sustainability. However, she highlights the most notable scenarios in which Rontgen helps real estate developers or owners grow.
"We finance development activities at all stages: land acquisition, design, construction, or sales. However, the value lies in nuances and details. For example, unlike banks or credit unions, we more boldly finance land and consider it sufficient collateral. This allows developers at the acquisition stage to save time, secure a better price, avoid intermediaries, and design according to their own vision," explains the Rontgen representative.
In recent years, another scenario has emerged where Rontgen helps well-known Lithuanian developers enter foreign markets. Examples include financing a luxury holiday villa project in Finland by Lithuanian developer "Lunvio" and a storage project in Poland by "NordSpace", which is well known in Lithuania. In such cases, Rontgen helps solve situations where, in a new market, an unknown player cannot yet obtain local financing for initial development stages, but later, once contracts or cash flow appear, local banks are willing to finance them.
"Overall, long-term partnerships and earned mutual trust allow us to achieve even more. For example, we discuss anticipated financing needs with developers in advance, so when the time comes for a loan for construction or acquisition, we ensure a very fast response and decisions. Also, over the decade, we have built a network of trusted partners and professionals, allowing us to exchange information and insights with clients that translate into savings, opportunities, or risk management," says G. Zarembiene.
Among other areas financed by Rontgen, she mentions business sectors beyond real estate development, such as renewable energy, aviation, and manufacturing. Another specialization of Rontgen is loans for business working capital. However, the majority of the operator's activities consist, and in the near future will continue to consist, of residential housing development financing in Lithuania: foreign projects or non-standard sectors mainly serve to meet investor diversification needs and support existing clients' growth.
In the company's business client portfolio, alongside mid-sized and growing developers, well-known names have appeared in recent years such as "Citus", "Omberg", and "Rinvest", as well as the highly respected Kaunas-based "Avadi", known for transforming the entire Sanciai barracks district and for long-term housing development carried out directly rather than through project companies.
"Historically, for many reasons, the 'Vilniaus Dziazo' project in the capital's Old Town is memorable to me. At the time, the developer Gediminas Tursa's experience, reputation, partner team, and unique plots in the Old Town gave Rontgen the basis to finance the early stages of this project even before a construction permit was obtained. Later, the project transitioned to bank financing, and soon 'Vilniaus Dziazas' will not only impress with its distinctive architecture but also with a revived elegant interwar administrative building and a new high-quality public space," says G. Zarembiene.
Throughout its entire history, Rontgen has not had any cases of lost capital, and the only more significantly delayed project is currently being successfully completed. Therefore, the overall quality of the Rontgen loan portfolio is comparable to banking indicators.
What is next
Rontgen is maintaining a high growth rate this year as well: in the first quarter, platform investors raised EUR 29.8 million, about 35% more than in the same period last year.
According to publicly available data from market participants, this was the largest amount in Lithuania in the past quarter by a wide margin. Rontgen notes that this result was achieved with the most conservative interest rates in the market, ranging from 6% to 9.5% in the first quarter.
"This detail once again confirms that investors are looking for sustainable projects rather than maximum returns. At the same time, such interest ranges are competitive for the largest and most solid business projects," states G. Zarembiene.
The platform also observes a growing level of investment from companies (legal entities), which may be driven by tax reform. According to Rontgen, increased progressivity in personal income taxation is creating more scenarios where it is more beneficial for business owners to invest through company funds rather than withdrawing personal income.
At the beginning of the year, Rontgen predicted that platform investors would raise EUR 130–150 million this year. Now, G. Zarembiene notes that both Rontgen and the entire Lithuanian crowdfunding ecosystem have successfully withstood challenges such as Covid, raw material shocks, and geopolitical tensions.
"Therefore, in this context, it is worth returning to conservatism. We select and finance projects with a buffer that helps withstand various market challenges. Like the rest of the world, we cannot predict unknown unknowns. However, I am confident in the strategy that Rontgen has been developing for a decade—to finance projects by evaluating them not only under a growing market scenario but also under a moderate one," says G. Zarembiene.
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"Trečia diena" UAB, which operates the Röntgen platform, is a licensed crowdfunding platform. The platform is governed by the EU Crowdfunding Regulation and is supervised by the Bank of Lithuania in accordance with the law.