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.
Stable supply of electricity at affordable prices, achieving full independence of the Baltic Sea region from Russian supplies, as well as clean air, thanks to joint projects for the development of new technologies, including hydrogen, are potential benefits of cooperation between the Baltic countries, according to a new report by the ORLEN Group and S&P Agency. The report assesses the progress of the energy transition in the region and identifies opportunities for collaboration to accelerate decarbonisation efforts. It outlines specific areas of cooperation and their expected outcomes, following an in-depth analysis of conditions across eight countries: Poland, Germany, Denmark, Sweden, Finland, Lithuania, Latvia, and Estonia.
Read full announcement (external link)
Originally published on 4 Mar
In response to growing cybersecurity challenges, Latvia has accredited its first professional continuing education programme in cybersecurity—the Cybersecurity Technician programme, which is available at the European Distance Learning Centre. The programme seeks to train qualified cybersecurity technicians capable of ensuring the security of an organisation’s IT systems and data, identifying and responding to cybersecurity threats, and implementing preventive measures to protect IT environments.
Read full announcement (external link)
Originally published on 5 Mar
Tallinn’s story of a zero-waste Song and Dance Celebration has won the ITB Earth Award 2025 at the Green Destinations Top 100 Story Awards competition, one of the world’s largest tourism fairs held in Berlin. The award highlights Tallinn’s innovation and commitment to sustainability as a tourism destination.
Read full announcement (external link)
Originally published on 5 Mar
Stargate Hydrogen, an Estonian manufacturer of innovative electrolyser stacks and systems, announces the successful completion of its series A funding round, raising 11 million euros in equity investments from strategic customers and financial investors.
Read full announcement (external link)
Originally published on 4 Mar
For the fourth time, Työn Taitajat (Talents for the future programme in the city of Oulu) is organizing the World’s Biggest Virtual Company Visit in collaboration with companies promoting the circular economy in Oulu, along with the University of Oulu, Oulu University of Applied Sciences, and Educational consortium OSAO. The event is also supported by the Oulu Circular Economy Cluster, Oulu Innovation Alliance, International House Oulu, and Taikasatukulma.
Read full announcement (external link)
Originally published on 4 Mar
Until March 16, the Riga City Municipality is accepting applications for the Riga Startup Accelerator and Incubator Support Programme. The programme aims to foster the growth of the startup sector in Riga by providing co-financing for business incubation and acceleration programmes. The budget for this programme in 2025 is EUR 170,000, with up to EUR 40,000 in co-financing available per applicant.
Read full announcement (external link)
Originally published on 4 Mar
GRAZ, MARCH 3, 2025. International technology group ANDRITZ has received an order for the authority engineering of a 100 MW green hydrogen plant in Rostock, Germany. The order was placed by REPCO (rostock EnergyPort cooperation GmbH), a joint venture of RWE Generation SE, EnBW Neue Energien GmbH, RheinEnergie AG and Rostock Port GmbH. Subject to the investment decision planned for mid-2025, REPCO intends to give ANDRITZ the notice to proceed with the supply of the plant. It will be one of the first plants in Germany to supply the German “Hydrogen Core Network” and the future European Hydrogen Backbone infrastructure, thus representing a key step in advancing Europe’s green energy transition.
Read full announcement (external link)
Originally published on 4 Mar
GaltTec, an Estonian deep-tech startup developing micro-tubular solid oxide fuel cells (mSOFCs) for portable and off-grid energy solutions, has successfully closed its pre-seed funding round, raising a total of €1 million from private investors and grants. The investment will accelerate the company’s mission to provide lightweight, long-lasting power solutions for drones and IoT devices, reducing reliance on conventional batteries. GaltTec was the only Estonian startup in the NATO DIANA Accelerator’s first batch.
Read full announcement (external link)
Originally published on 3 Mar
Last week, kood/Jõhvi JobFair brought together over 200 participants—young software developers, startup enthusiasts, film professionals, and technology sector leaders. One of the event’s highlights was the Film and Multimedia Accelerator panel, organized by the Tehnopol Startup Incubator, where experts discussed how IDA Hub is not just a film studio but a launchpad for technological innovation and startup growth.
Read full announcement (external link)
Originally published on 3 Mar
PAYSTRAX, a payment processing solutions provider, has announced further expansion of its Lithuanian operations. The company, which has successfully grown its presence in both Vilnius and Klaipėda, plans to strengthen its team across multiple departments in 2025, including Commercial, IT, and Finance.
Read full announcement (external link)
Originally published on 3 Mar