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New Latvian Fintech landscape pusblished at Dealroom co, which is Global data platform for intelligence on startups, innovation, high-growth companies, ecosystems and investment strategies in cooperation with Latvian startup ecosystem advocate and player - Venture Faculty and support of has developed a comprehensive landscape of Latvian fintech startups. This Latvian fintech landscape is a dynamic, collaborative market map of 119 fintech startups based in or being operated from Latvia. Detailed company data is constantly updated, companies have been bespoke curated into market niches and segments, and anyone can suggest a company to be added to the community.

The main players from the Latvian fintech field are categorized by fintech sub-sectors, such as P2P/crowdfunding, Open/Digital banking, Payments, Fintech lending, IT/Data Solutions, Crypto/Blockchain and others, giving a comprehensive view on the industry. The landscape maps not only include companies with a registered HQ in Latvia, but also some companies which are not registered in Latvia, but run their operations from Latvia, or are established by Latvian professionals. Dissolved or failed startups are excluded from this list.

Latvia has capitalised on an established legacy as a former center of finance for CEE, as well as a  historically strong IT sector, to build a serious and credible contribution towards the fintech industry. Latvia now boasts world wide recognized fintechs, such as Mintos, Creamfinance, Twino, Bitfury, 4Finance and many others on home soil, which proves the skillset and potential of Latvian professionals. From the perspective of established fintechs per population, Latvia has already announced itself as a strong and serious participant of the global fintech market.

Being the middle country of Baltic states Latvia already for some time has been a pretty active player, working as an “informal fintech hub” and place of operations for many fintechs. From the data it can be concluded that Latvian founders in many cases have chosen to establish their companies outside the borders of Latvia, but due to the single passporting regime within the EU, they still choose to live and operate their companies from their homeland. Favourite choices for Latvian founders to establish their companies have been UK, Estonia, Lithuania and Netherlands. This shows a place of improvement for Latvia and that it should work towards becoming the ideal place for establishment of companies also for foreign founders in future.

As previously mentioned, dissolved and failed startups are excluded from the list, but analyzing the included ones, 2019 was the most productive year for new fintechs founded in Latvia, when more than one fintech startup was founded every month - 13 in total.

The most investment for Latvian fintech startups has been raised in Crowdfunding/P2P, where startups have raised over €34M, and in Fintech Lending, where startups have so far raised over €28M. The total funding of Latvian fintech startups is $68M. It is worth mentioning, that by the data of Dealroom, startups that fall within the Fintech category make up around 20% of all Latvian startups.  

This is an open-access, interactive, and collaborative market landscape, and we’d love your feedback. Notice a startup that should be included? Hit the button to suggest a startup for inclusion.