FinTech in Latvia

Like other Baltic States, Latvia has a fast growing FinTech scene.

Long standing strengths in Consumer Lending are being augmented by a fast expanding Crypto and Blockchain scene. With a steady flow of maths and IT talent plus a flourishing start-up scene more companies will emerge.

 

Here are some of the key movers and shakers. As Latvia is small many companies target larger markets but retain a back office or management link to Latvia:

4 FINANCE

One of Europe’s largest online and mobile consumer lending groups. Since 2008 have lent over EUR 3bn.

Lending

ALPHA FINANCE

Digital consumer finance and P2P lender active in Latvia, Georgia, Poland and Asia.

Crowd/P2P

ALPARI

Global FX broker with back office in Riga.

Capital Markets

ALTERO

Loan comparison tool for consumer credit and car leasing. Plans to expand to real estate segment and new countries.

Lending

BANKNOTE

Online consumer lender.

Lending

BILDERLINGS PAY

Payment solutions ranging from cards to e-invoicing.

Payments

BINO.LV

Online consumer lender.

Lending

BITFURY

Blockchain specialists supporting transaction processing, property rights registry, analytics and Platform-as-a-Service.

Blockchain

BLOCKVIS

Blockchain and Cryptocurrency advisory and programming

Crypto, Blockchain

COINFIDE

Payment specialists offering eWallets, invoicing and payment solutions for SME’s and a full service offer for Merchants.

Payments

CRASSULA

Agile infrastructure for creating payments solutions.

Payments

CREAM FINANCE

Digital consumer finance firm active across Europe.

Lending

CREDITINFO GROUP

Icelandic owned credit data and solution provider with sizeable ops in Latvia.

Credit Scoring

CREDIUM

Digital consumer finance firm active in Georgia.

Lending

C.T. Co

IT solutions and services provider with multiple FS sector projects.

Customised

DECTA

Payment processing and card issuing solutions for Banks, Corporates, P2P and other payment service providers.

Payments

DELTA CAPITAL

Online consumer lender operating under KREDITS7 amd KREDITS 365 brands.

Lending

DIGIPULSE

Digital wallet provider with Cryptocurrency capability.

Crypto

DUKASCOPY

Global FX, Banking and Investment

Capital Markets

ECOMCHARGE

Developer, supplier and system integrator for payment service providers and e-commerce.

Payments

ECOMMPAY

Payments specialist offering acquiring and settlement services for e-commerce, e-wallets, cards, mobile payments, etc. h

Payments

ESCROWN

Online Escrow service including secure funds deposit, payments and post settlement warranty.

Other

FACTURY

Blockchain solution supporting secondary market trading of bank loans, smart invoice payment and settlement, etc.

Blockchain

FINABAY

Digital consumer finance firm active across Europe. Investor in Twino.

Lending

FINANCE FLOW

Financial management and prediction for businesses.

F&A

FINANZA

Online consumer lender.

Lending

FOREX TEAM

Real-time FX trading and strategies for retail clients.

Capital Markets

FUNDERFUL

Online P2P fundraising for academic institutions. Acquired by Ruffalo Noel Levitz in Feb 2019.

Crowd/P2P

GLOBITEX

ICO funded exchange for trading of FX, Commodity and Cryptocurrency

Capital Markets, Crypto

GRANDMA

Online financial management solution offering alternative to Excel for management of corporate and project finances.

F&A

GRAND CREDIT

Online consumer lender.

Lending

GREEN CREDIT

Online consumer lender.

Lending

GRUPEER

Platform offering investments in P2P and real estate loans

Crowd/P2P

HIPOCREDIT

Online consumer lender.

Lending

IBANPAY

B2B and B2C e-wallet, e-payments processing and reconciliation solution provider.

Payments

INBUDGET

Personal financial management application including budget planning, spend analytics and social syncing.

Other

MEA WALLET

Subsidiary of Norwegian payments and wallets specialist.

Payments

MINTOS

P2P marketplace where investors can invest in personal and corporate loans, primary and secondary markets.

Crowd/P2P

MOBILLY

Mobile phone based payments.

Payments

MOGO

Digital car finance firm active in the Baltics and Georgia, with Poland and other markets planned.

Crowd/P2P

MONEA

Send or receive payments within minutes using phone book contacts.

Payments

MONETHA

E-commerce payment provider funded by ICO.

Payments

NOMO

Digital consumer good leasing provider offering flexible payment and ownership options.

Lending

NORDCARD

Credit and payment card provider.

Cards

NORDIC FINANCE

Online consumer lender operating under Atrais Kredits and Iespeju Kredits brands.

Lending

NORDIGEN

Help lenders accelerate client applications by automating back statement screening, data categorisation and analysis.

Credit Scpring

NOTAKEY

Data security solution that allows remote authorisation of sensitive operations such as log-in, approval and payments.

Other

ONDO

Online consumer lender.

Lending

OPEN CREDIT

Online consumer lender operating under Open Credit and Moneza brands.

Lending

PAYBIS

Cryptocurrency exchange business with offices in Latvia and UK.

Crypto

PAYDOO

Payment services provider

Payments

PAYMENT NINJA

Processes payments and helps merchants sell more by analysing client profiles using Big Data and re-marketing.

Payments

PEERBERRY

Marketplace offering investments in consumer loans with a buy-back guarantee. Part of Aventus Group active across CEE region.

Crowd/P2P

RIDDLE SENSE

Big Data analaytics to improve client analysis and predictions.

Credit Scoring

RIETUMU BANK

In addition to traditional banking, Rietumu also invest in FinTech’s and run the Rietumu Fintech Challenge.

Banking

ROBO CASH

Automated platform to invest in consumer loans from Spain, Russia and Kazakhstan

Crowd/P2P

SAPIENS

Israeli InsureTech specialist who purchase Knowledge Price.

Insurance

SOLUT

Digital bank specialising in SME lending, with applications turned around in under 5hrs.

Lending

STREAMPAY

IPSP offering payment solutions for e-commerce including card personalisation, acquiring and processing.

Cards

SWAPER

Marketplace offering investments in prefunded consumer loans originated by Wandoo Finance Group in Georgia, Poland, Spain, Denmark and Russia.

Lending

SWIPE

Corporate financial management including invoicing, recurring payments and customised payments.

F&A

TRANSACT PRO

Licensed provider of payment card issuing, acquiring and online payment acceptance tailored services.

Cards

TWINO