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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The European Commission has announced that it will allocate a €6.8 million grant to the Nordic-Baltic Hydrogen Corridor (NBHC) to support its feasibility study phase. This decision will significantly enhance establishing the hydrogen infrastructure that will connect Finland, Estonia, Latvia, Lithuania, Poland, and Germany, forming a vital backbone for Europe’s green energy future. The competition for infrastructure funding in the EU is fierce, so this decision is a great testament to the quality and necessity of the NBHC project and showcase its potential to contribute to the EU’s energy self-sufficiency targets and support the clean energy transition.
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Originally published on 11 Feb
In 2024, the Estonian government and Enterprise Estonia committed to implementing a new incentive for large-scale investments. Scheduled to run from 2025 to 2028 and with a total budget of €160 million, the measure aims to increase the competitiveness, export capacity, and added value of businesses operating in Estonia. The Estonian Minister of Economic Affairs and Industry, Erkki Keldo, signed the measure in the first half of February. Applications, managed by Enterprise Estonia, are scheduled to open in March.
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Originally published on 10 Feb
To keep potential suppliers and partners informed about procurement priorities for 2025, the Rail Baltica global project is providing a comprehensive overview of ongoing and upcoming procurement activities. These procurements focus on essential services that drive the advancement of the Rail Baltica project, covering key areas such as superstructure construction, environmental assessments, and design work for specific infrastructure elements and facilities.
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Originally published on 10 Feb
Draugiem Group company Mapon expands its presence in the Nordic region by acquiring 100% of the shares in Interkom AB, a fleet management provider based in Lund, Sweden. Mapon and Interkom AB offer fleet management and GPS tracking solutions, helping clients optimize resource management, enhance road safety, and promote sustainable corporate governance. This acquisition strengthens Mapon’s customer base in Sweden and brings in a team of seasoned professionals, enabling faster growth in the Swedish market.
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Originally published on 10 Feb
On 9 February, President Edgars Rinkēvičs paid a working visit to Vilnius, Republic of Lithuania. During the visit, President of Latvia met with the President of the Republic of Lithuania, Gitanas Nausėda, the President of the Republic of Estonia, Alar Karis, the President of the Republic of Poland, Andrzej Duda, and the President of the European Commission, Ursula von der Leyen. The officials discussed the accession of the Baltic states to the European energy system, the protection of critical infrastructure, the strengthening of transatlantic relations, the development of the European defence industry, the implementation of key regional infrastructure projects, as well as support for Ukraine and sanctions policy towards Russia.
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Originally published on 9 Feb
Estonia, Latvia, and Lithuania have successfully synchronised their electricity systems with the Continental Europe Synchronous Area on 9 February 2025 at 2:05 PM. This is a key milestone for the Baltic States and for Europe strengthening the energy resilience and independence across the region.
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Originally published on 9 Feb
On February 20-21 in Stockholm, Techarena 2025 will gather +12,000 business leaders, founders, investors, and decision-makers to explore and discuss global trends, emerging technologies, the startup ecosystem, and the future of industries. Ticket holders will have access to an insightful panel discussion on the future of DefenceTech. Moderated by Ms Kadri Tammai, Regional Director of NATO DIANA, the panel will feature the Minister of Economy and Industry of Estonia, Mr Erkki Keldo, Head of Strategy and Portfolio at Saab Surveillance, Mr Hampus Delin, and Deputy Chief Sales Officer at Milrem Robotics, Mr Stefan Behre.
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Originally published on 6 Feb
After months of preparation, a fleet of 11 specialised vessels has mobilised to begin installing the foundations for Poland’s first offshore wind farm in the Baltic Sea. This stage has already seen the successful installation of the first two of a total of 78 monopiles – towering 100-metre steel structures that will support 15 MW wind turbines. These generation units are among the most advanced in the industry, with a portion being manufactured at Vestas’ facility in Szczecin. With a total capacity of 1.2 GW, the Baltic Power wind farm is set to commence operations in 2026, delivering clean, reliable electricity capable of powering over 1.5 million households. Offshore wind is a key element of the ORLEN Group’s new strategy, which targets the deployment of more than 4 GW of installed capacity in the Baltic Sea in partnership with leading industry players.
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Originally published on 6 Feb
Estonia and the other Baltic States will disconnect from the Russian-run electricity network on Saturday and connect to the Continental European Synchronous Area on Sunday. The main goal of connecting to the European electricity system is to make our electricity system stronger and ensure energy independence and security.
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Originally published on 5 Feb
The Baltic Startup Funding Report by Change Ventures and FIRSTPICK is a semi-annual publication of detailed data about funding rounds for startups in the Baltics, including companies with HQs elsewhere but with a dominant base in Estonia, Latvia, or Lithuania.
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Originally published on 5 Feb