Posts Tagged ‘fintech’
Tesonet invests €5 million in Finbee Group
Following approval from the Lithuanian Competition Council, Tesonet has completed a €5 million investment in the Finbee group (UAB Holbee). The investment is intended to strengthen the group’s capital base and expand financing volumes for consumers and small businesses in Lithuania and international markets.
The transaction represents a significant vote of confidence in Finbee’s long-term strategy and growth trajectory. The partnership is expected to accelerate the company’s expansion into new markets, enhance customer experience solutions for both borrowers and investors, and support broader marketing initiatives.
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Originally published on 5 Mar
Read MorePAYSTRAX to create up to 150 new fintech jobs in Lithuania as it scales operations across Vilnius and Klaipėda
PAYSTRAX, an international payment acquiring company headquartered in Vilnius, is accelerating its growth in Lithuania. The company plans to hire up to 75 new specialists in 2026 and bring on up to 150 new employees over the next three years. Founded in Lithuania by two Icelandic entrepreneurs in 2018, PAYSTRAX has grown from a startup to an established payments provider with more than 150 employees across six European offices.
The expansion will span both of PAYSTRAX’s Lithuanian locations – in Vilnius and Klaipėda – and will focus on strengthening the company’s IT, finance, marketing, account management, operations, and onboarding capabilities. In Klaipėda, PAYSTRAX has already moved into larger premises, and in Vilnius it added a second floor at its office to accommodate the growing team.
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Originally published on 9 Mar
Read MoreEllex Baltic Fintech Legal Outlook 2026
Ellex Baltic Fintech Legal Outlook offers a comprehensive overview of the most significant legal developments and market trends expected to shape the fintech sector in Estonia, Latvia and Lithuania during 2026. Involving insights from leading legal experts in fintech, this publication highlights key regulatory changes (including PSD3/PSR, CCD II, EU AML package, MICAR, EU AI Act, Digital EURO) as well as country specific initiatives and elaborates on their impact to the local fintech markets.
In 2026, the Baltic FinTech landscape is defined by regulatory maturity, consolidation and cross-border ambition. Estonia remains a digitally advanced and credible fintech hub, benefiting from constructive engagement by the regulator and a shift towards sustainable, pan-European scaling. Latvia gains momentum with its FinTech Strategy 2026–2027, supported by active regulators´ backing and increased licensing activity, strengthening its position as an attractive innovation hub. Lithuania continues to offer efficient access to the EU market, while facing heightened supervisory expectations around AML, operational resilience, AI, cybersecurity and governance as EU regulatory integration deepens.
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Originally published on 2 Mar
Read MoreAxiology Raises €5 Million Seed Round to Modernise Europe’s Capital Markets Infrastructure
Lithuanian capital markets infrastructure provider Axiology has secured €5 million in seed funding to expand its regulated, blockchain-based platform for issuing, trading, and settling securities across Europe. The investment will support the rollout of new tokenised securities capabilities under the EU DLT Pilot Regime and accelerate the company’s go-to-market strategy.
The funding round was led by Exponential Science, e2vc, and Coinvest Capital, with participation from TIBAS Ventures and Plug and Play. Existing investors, including BSV Ventures, NGL Ventures, and others, also joined the round. To date, Axiology has raised €7 million in total.
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Originally published on 4 Feb
Read MoreLatvia’s Fintech Sector Grows in Scale and Regulatory Engagement
Latvia’s fintech industry is entering a new phase of maturity, driven by solid growth metrics, deeper collaboration with regulators, and a more diversified ecosystem. With 126 fintech companies now active across the country, the sector has evolved from a fast-growing niche to a strategic contributor to the national economy.
The latest figures show an impressive rise in both profitability and fiscal impact. In 2024, Latvian fintechs generated over €370 million in turnover and nearly €100 million in net profit—more than double the previous year’s profit. This performance was accompanied by strong contributions to public finances, with over €91 million paid in taxes. Employment across the sector has grown as well, now surpassing 3,600 professionals, many of whom are in high-skilled roles.
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Originally published on 25 Jan
Read MoreLatvia’s Beneflo admitted to Visa’s VIPE European Innovation Programme
Eight financial technology companies from the Nordic countries have been admitted to the international payment technology company Visa’s European innovation programme, VIPE. Among them is Latvia’s Beneflo, which is developing an employee support solutions platform that simplifies the international allocation of various bonuses and benefits to employees using a Visa card and app.
In addition to Beneflo, the programme has also admitted Enable Banking from Finland, Kardio from Iceland, Juuli from Estonia, Ledyer and Betalo from Sweden, Beep from Italy, and Myver from Denmark.
The VIPE Baltic and Nordic programme is a pilot project–focused collaboration platform that aims to accelerate digital innovation in Latvia, Lithuania, Estonia, Sweden, Finland, Norway, Iceland, and Denmark. During the six-month programme, the startups involved will have the opportunity to develop their business ideas and innovations, implement pilot projects, build partnerships, and engage in networking activities with Visa partners worldwide.
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Originally published on 18 Dec
Read MoreNuvei Liquidity granted an authorisation of a crypto-asset service provider
Lietuvos bankas has granted an authorisation of a crypto-asset service provider to Nuvei Liquidity, UAB for the provision of custody and administration of crypto-assets, transfer services for crypto-assets, exchange of crypto-assets for funds and other crypto-assets.
The company has also obtained the payment institution licence, authorising it to perform operations with electronic money tokens (EMT).
Nuvei Liquidity, UAB, which has operated in Lithuania since 2004, is part of the Nuvei Group, one of Canada’s largest providers of financial technology services, operating in more than 20 jurisdictions.
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Originally published on 17 Dec
Read MoreDecentralized granted an authorisation of a crypto-asset service provider
Lietuvos bankas has granted an authorisation of a crypto-asset service provider to UAB Decentralized for the provision of custody and administration of crypto-assets, transfer services for crypto-assets, exchange of crypto-assets for funds and other crypto-assets.
The company has also obtained the payment institution licence, authorising it to perform operations with electronic money tokens (EMT).
UAB Decentralized operating under the CoinGate brand, is one of the oldest virtual currency exchange operators in Lithuania (founded in 2014) with more than 50 employees.
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Originally published on 17 Dec
Read MoreFintech 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
Read MoreFinancial Crime Prevention Enters a New Era with the Launch of AMLTRIX
Money laundering remains one of the biggest threats to the global economy, fueling organized crime, terrorism, corruption, and tax evasion. Despite ongoing efforts, financial institutions have long struggled with a fragmented and inconsistent approach to combating illicit financial activities.
In response to this challenge, AMLYZE is proud to announce the launch of AMLTRIX, a first-of-its-kind open knowledge initiative designed to standardize and revolutionize the fight against money laundering.
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Originally published on 10 Apr
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