The Fintech Pulse report has provided a data-driven look at Latvia’s financial technology sector. The research report offers insights from Riga Technical University’s Riga Business School Fintech Observatory, covering sector — wide turnover, taxes, profit, as well as overall employment trends.
According to the research report, the numbers speak for themselves: Latvia is now home to 126 fintechs, which in 2024 generated around €369 million in turnover, contributed more than €90 million in taxes, while also supporting over 3,600 jobs.
The report further examines key capital-market moves and investment rounds — such as Eleving Group’s €275 million bond issuance. In addition to these updates, the report reveals that Latvian fintechs are expanding into new markets and rolling out a range of new products.
The report also indicated steady growth of the Baltic fintech ecosystem, with significant developments across Latvia, Estonia, and Lithuania.
The report, produced by the Baltic Finance Center in collaboration with the Fintech Latvija Association, positions Latvia as a fintech hub in the Baltic region and Europe.
As of October 2025, Latvia hosts approximately 130 active fintech companies, with 126 contributing significantly in 2024: generating €369 million in local turnover (potentially double when including global operations), paying over €90 million in taxes, and employing more than 3,600 people.
The sector’s growth is driven by regulatory stability, highlighted by Latvia’s positive Moneyval assessment under the new FATF methodology, enabling predictable long-term planning.
Key sectors include lending, regtech, digital banking, insurtech, crowdfunding, and investment platforms.
Several companies dominate: Eleving Group issued €275 million in bonds and expanded into Africa (34% of its €375.3 million loan portfolio in Tanzania); Sun Finance raised €100 million in bonds and ranked in the FT1000; Indexo acquired Vairo and raised €3.5 million in shares.
Notable developments in 2025 include LMT Finance emerging as Latvia’s first techfin, synergies like DelfinGroup-Indexo aiming for local banking, and new licenses (3 crowdfunding, 2 e-money).
Latvijas Banka streamlined licensing, introduced crypto pre-licensing (15+ applications under review), and granted non-banks access to the Electronic Clearing System.
Investment platforms hold 24% of the EU peer-to-peer market, with €13.3 billion in historical investments and 22.6% annual growth (2021-2024).
The report emphasizes public-private collaboration, with institutions like the Investment and Development Agency promoting Latvia globally.
Education initiatives, such as RTU Riga Business School programs reaching 400+ students, support talent development.
Innovations like Paynt’s automated tipping tool (processing €1.5 million in tips, potential €1.5 million annual tax revenue) and funding rounds (e.g., Handwave’s $4.2 million) underscore momentum.
Latvia‘s strengths—skilled talent, transparent regulation, EU access, and global ambition—offset the small domestic market through exports.
The broader Baltic ecosystem comprises 670+ firms, with Latvia leading in turnover.
Looking ahead, the report predicts 25% growth in foreign capital, assets under management, and more new jobs by next year.
By fostering innovation, Latvia aims to solidify Riga as a European fintech hub.