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.”
Read full announcement (external link)
Originally published on 12 Dec
Announcements are published as a service to readers. The sender is responsible for all content. Announcements for publication can be submitted to announcements@thehanseatic.com.
Great news for our international partners. Estonia will increase the Film Estonia cash rebate from 30% to 40%, strengthening the country’s competitiveness in the international film production market. “It’s official. Minister Heidy Purga has confirmed the final step of a long process: Film Estonia moves forward with a 40% cash rebate for film and TV production.
Regulations still need to be updated — and then, let’s roll!” stated Edith Sepp, head of the Estonian Film Institute.
Read full announcement (external link)
Originally published on 23 Mar
Marine Alutech’s order book is growing strongly. At the same time, we ensure and prepare for future project requirements.
The current projects employ more than 200 people at the main location in Teijo, in addition to our staff in Hanko, Turku and Germany. New hall spaces are now under construction, and more employees will come in 2026.
Read full announcement (external link)
Originally published on 23 Mar
The Latvian national airline airBaltic is starting its new direct route connecting Riga with Oulu, starting March 29. The new service will operate five times per week, further strengthening connectivity between Latvia and Finland, and giving Oulu a new contact point to international connections.
airBaltic will fly the new route from Oulu to Riga on Mondays, Tuesdays, Thursdays, Fridays, and Saturdays, departing from Oulu at 5:00 a.m. and arriving in Riga at 6:30 a.m. Flights from Riga to Oulu will operate on Mondays, Wednesdays, Thursdays, Fridays, and Sundays at 11:20 p.m., arriving in Oulu at 1:30 a.m.
Read full announcement (external link)
Originally published on 20 Mar
South Korean defence industry company Hanwha Aerospace, which cooperates with several Estonian defence industry companies, officially joined the Estonian Defence and Aerospace Industry Association this week.
Hanwha Aerospace is one of the leading defence and aerospace manufacturers, with a broad portfolio spanning artillery systems, aircraft engines, armoured vehicles, and space technology. Their growing presence in the European defence market makes them a valuable addition to our network.
Read full announcement (external link)
Originally published on 19 Mar
Tilde has been selected to develop the project “AI Assistant for Data Discovery on the EO Baltic Platform.” The activity is financed by the European Space Agency and will be implemented by Tilde as the Prime Contractor in close cooperation with Baltic Satellite Service (BSS) as the subcontractor.
Tilde brings proven experience in building AI assistants for the space and Earth Observation sector. This new project builds on that experience and further strengthens the company’s role in applying language AI to complex scientific and geospatial systems.
Read full announcement (external link)
Originally published on 18 Mar
Enefit, the electricity business of Eesti Energia, is expanding its energy storage portfolio by building three new battery storage systems next to its wind farms in Lithuania. The new systems will have a combined capacity of 46 megawatts (MW) and 184 megawatt-hours (MWh). Once completed, Enefit’s storage portfolio will grow from the current 29 MW to 75 MW, strengthening the company’s position in the Baltic energy storage market.
“Energy storage is a key component of the modern energy system. Battery solutions help balance wind and solar generation, support grid stability, and mitigate high price peaks,” said Donatas Celešius, Member of the Management Board of Enefit and Head of Business Development. “Storage solutions also increase the value of our existing production assets and strengthen our integrated generation portfolio as a whole.”
Read full announcement (external link)
Originally published on 19 Mar
Great news for our international partners. Estonia will increase the Film Estonia cash rebate from 30% to 40%, strengthening the country’s competitiveness in the international film production market. “It’s official. Minister Heidy Purga has confirmed the final step of a long process: Film Estonia moves forward with a 40% cash rebate for film and TV production.
Regulations still need to be updated — and then, let’s roll!” stated Edith Sepp, head of the Estonian Film Institute.
Read full announcement (external link)
Originally published on 9 Mar
Sunly has signed a power purchase agreement (PPA) with Respect Energy for the Rzezawa solar park in southern Poland. The agreement covers the sale of 100% of the electricity generated by the 60 MW photovoltaic installation.
The contract has been concluded in a “pay as potentially produced” structure. In addition to the electricity offtake, the cooperation includes providing balancing services with the installation. Respect Energy will act as the Balancing Services Provider (BSP), enabling the solar park to participate in the balancing market once the formal qualification process and technical integration are completed.
Read full announcement (external link)
Originally published on 18 Mar
The European Investment Bank (EIB) has signed its first pre-IPO advisory agreement to help a European growth company prepare for access to public capital markets. The support is provided through the InvestEU Advisory Hub and aims to strengthen the ability of innovative European companies to grow and remain in Europe as they scale.
The agreement supports Swedish biotechnology company Anocca, based in Södertälje, which develops next-generation T-cell immunotherapies for cancer. T-cell immunotherapy is a form of treatment that uses a patient’s own immune cells, engineered to recognise and attack cancer cells more effectively.
Read full announcement (external link)
Originally published on 18 Mar
Ship design and construction company “Latitude Construction”, working under the Latitude Yachts brand in the Port of Riga, will establish a new company “Latitude Naval Technologies” with the aim to develop modern offshore platforms for security and defense operations.
Thus, another company will join the innovative and military technology production facilities of the Port of Riga, developing a new direction in the Latvian shipbuilding industry, combining extensive experience in shipbuilding with the growing demand for modern maritime safety technologies. In the current conditions, such a production facility will not only contribute to the economic growth of Latvia but also boost the security of Latvia and its partners.
Read full announcement (external link)
Originally published on 18 Mar