Fintech in Latvia: 127 companies, 91 million in taxes, and the ambition to grow in global markets
There are 127 financial technology companies operating in Latvia, employing more than 3,600 people, generating a turnover close to 400 million euros, and paying over 91 million euros in taxes annually. These facts were highlighted today at the Fintech Breakfast “What is needed to realize Latvia’s FinTech ambitions?”, held at RTU Riga Business School (RBS) and organized by the Fintech Latvia Association and the RBS Baltic Financial Center. During the event, participants were introduced to the latest industry data, development dynamics, and its impact on the national economy, as well as key directions and practical steps for strengthening the sector going forward.
Latvian Fintech Observatory — a foundation for data-driven policymaking
To set the stage for further discussion, Kristīne Dambe, Director of the RBS Baltic Financial Center, presented the newly developed pilot tool — the “Latvian Fintech Observatory”, a comprehensive database of Latvian fintech companies. The tool is designed to provide policymakers, university students, lecturers, and other stakeholders with an independent, data-driven view of sector development. “The industry must take collective responsibility for its own progress. We can shape our own narrative and learn from our neighbors, but it is crucial to base decisions on data that reflect real trends and can serve as input for strategy. We hope the observatory will encourage discussions grounded in facts rather than assumptions and inspire the next generation of fintech creators,” emphasized Dambe.
Policymakers: fintech — export potential and global competitiveness
Minister of Economics Viktors Valainis highlighted the importance of export capacity: “We all want Latvian-founded companies not only to strengthen the local economy but also to become export-capable technology firms. In fintech, we have several strong players proving that we can be competitive internationally. Therefore it is important to create an environment that encourages companies to choose Latvia as a place to grow and develop both regionally and globally, and to actively promote Latvia internationally by engaging potential investors and partners. The industry has great potential, and we have planned a series of initiatives on our side to continue supporting it.”
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Originally published on 12 Dec
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During the international Industry Space Days 2026 event at the European Space Agency’s ESTEC facility in Noordwijk, the Netherlands, the Latvian Mobile Telephone (LMT) Group and the globally leading space consultancy Novaspace signed a cooperation agreement on the development of a concept for telecommunications innovation platform for Latvia to link the national connectivity sector with the international satellite industry. The initiative follows the successful ESA 5G/6G Non-Terrestrial Network Hub model and will explore Latvia’s potential role within this network.
Signing the agreement marks a pivotal step toward creating a hub for developing an internationally competitive telecommunications sector in Latvia. The hub will strategically bring LMT Group into the space industry and impact the emergence of a wider Latvia’s space innovation ecosystem in next-generation satellite technologies, products, and services tailored to commercial applications, resilient critical infrastructure, security, digitalization and green transition. Essentially, the hub will attract national and international cooperation, funding and talent.
The next generation of mobile communications is closely linked to the rapid growth of the space economy globally. The space infrastructure is already gradually enhancing terrestrial networks, and the 6G era of telecommunications will seamlessly link terrestrial and non-terrestrial networks. The rationale for such development is efficient and resilient connectivity, especially essential in scenarios involving severe weather, power outages or physical infrastructure disruptions.
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Originally published on 22 Sep
Riga. The Latvian national airline airBaltic announces that it has received EUR 140 million as the first part of its previously announced EUR 350 million debtor-in-possession (DIP) financing. The funds were made available following interim approval by the United States Bankruptcy Court for the Southern District of New York (the U.S. Court) on September 16, 2026, as part of airBaltic’s financial reorganisation under Chapter 11 of the U.S. Bankruptcy Code.
Together with cash generated from ongoing operations, the financing will support airBaltic’s day-to-day operations and financial reorganisation, as well as the implementation of the company’s new business plan.
Of the EUR 140 million received, approximately EUR 78.9 million will be used to repay existing obligations to Export Development Canada and Axiom Baltic Services. These obligations are secured by airBaltic aircraft, spare engines and a flight simulator. Following repayment, these assets will become available as collateral under the new DIP financing arrangements.
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Originally published on 21 Sep
NestAI, a European AI lab for defence, is opening an R&D centre in Latvia to build defence AI capability alongside the forces and industry operating on NATO’s Eastern Flank. The centre is the next step in NestAI’s growing Nordic and Baltic presence, following the company’s expansion to Sweden announced in August.
As NestAI builds its presence in Latvia, the company is developing the center into a team of 30 scientists and engineers, and has set an investment target of €10 million for the centre over the next few years. The announcement coincides with NestAI’s participation in the Riga Conference on 11 September 2026, where Peter Sarlin, NestAI Founder and Executive Chairman, will meet with Latvian government and academic representatives and speak on European defence AI.
“NestAI’s decision to establish an R&D centre in Latvia is a strategic investment in a sector with significant growth potential. The planned €10 million investment and 30 new jobs for scientists and engineers will bring together knowledge, technology and international cooperation in Latvia. Attracting projects of this kind demonstrates our ability to compete at European level for high-value-added investment,” says Minister of Economics Viktors Valainis.
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Originally published on 21 Sep
Saab has been entrusted to install and operate remote air traffic control for Stockholm-Västerås Airport for a period of 15 years. This means that air traffic in Västerås will be controlled from Saab’s Remote Tower Center (RTC) in Sundsvall.
This solution is already in operational use at several airports and is part of the ongoing technological development within the aviation industry, both in Sweden and globally. For Saab, the airport in Västerås will be the fifth airport to be operated from the RTC in Sundsvall to utilize this technology, in addition to Sundsvall-Timrå, Sälen, Örnsköldsvik and Linköping. The agreement comes into effect on January 1, 2028, and runs for 15 years. Saab will deliver a fully digitalized infrastructure to Stockholm-Västerås Airport, including the camera tower, a digital workstation for remote air traffic control, and meteorological services.
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Originally published on 21 Sep