On October 7 in Riga, the FinTech Latvia Association (FLA) and the Investment and Development Agency of Latvia (LIAA) organized a workshop for LIAA’s foreign representatives. These representatives are often the first point of contact for foreign fintech companies choosing to establish a base in the European Union. During the workshop, they were presented with facts and arguments explaining why obtaining a license in Latvia is a fast and reliable path to the European market.
The workshop came at just the right time, as interest in Latvia as a fintech jurisdiction is growing. Since the beginning of 2026, the Bank of Latvia has issued more than 20 licenses to fintech companies—including payment institutions, crowdfunding platforms, investment brokerage firms, and crypto-asset service providers. Many other companies are currently in the licensing phase or undergoing pre-licensing consultations.
Tīna Lūse, Head of the FinTech Latvia Association: “We want Latvia’s fintech sector to grow and become stronger. That is why the association is actively working to ensure that companies, the regulator, and government agencies act in a coordinated manner and move toward a common goal. A foreign company deciding where to enter the EU often speaks directly with LIAA representatives first. If they can confidently confirm that a license can be obtained in Latvia within a few months and that the regulator is open to discussions, Latvia is seriously considered.”
An Industry That Generates Revenue Globally and Pays Taxes in Latvia
There are 127 fintech companies operating in Latvia. As of the end of 2024, they employed 3,644 people—9% more than a year earlier. The sector’s total revenue in Latvia reached nearly €372 million, while profits totaled €97 million. These companies contributed more than €91 million in taxes to the state budget—a 28% increase from 2023.
Latvia is a hub from which fintech companies are conquering global markets: here they obtain licenses and build their teams, while serving clients throughout Europe and beyond. More than 800,000 people from abroad—mostly from Germany—invest through investment platforms licensed in Latvia. A total of more than 13 billion euros has been invested through these platforms, and they serve nearly a quarter of the European peer-to-peer lending market.
The largest fintech groups, headquartered in Riga, also operate in many countries—the largest of them in as many as 17 countries across three continents. The combined revenue of the two largest groups exceeded half a billion euros in 2025. This is more than the entire industry’s revenue in Latvia; therefore, when including operations abroad, the industry’s total revenue could be as much as twice as high.
Latvia’s Advantages Compared to Other EU Jurisdictions
- An accessible regulator. The Bank of Latvia’s Innovation Center, a regulatory sandbox, and free pre-licensing consultations. If the documents are prepared to a high standard, a license can be obtained within 2–3 months after submitting the complete set of documents.
- A reliable jurisdiction. Latvia was the first country to be evaluated by MONEYVAL in its new, 6th round. It received a “high” or “substantial” effectiveness rating on 10 out of 11 indicators.
- Local talent. More than 90 Latvian fintech companies are of Latvian origin, and the sector is built on local financial and technological expertise.
Santa Purgaile, Deputy Governor of the Bank of Latvia: “The requirements are uniform throughout the European Union, but the Bank of Latvia ensures that the licensing process is clear and efficient, and that all necessary advisory support is provided. Even during pre-licensing consultations, companies learn exactly what we expect of them, so we can review a well-prepared application within a few months. With a license from the Bank of Latvia, a company can operate throughout the European Union, and its value is further enhanced by Latvia’s internationally acclaimed system for preventing money laundering.”
The workshop helps implement the 2025–2027 development strategy for Latvia’s fintech sector. By the end of 2027, the number of fintech companies is expected to increase by 30%, investments attracted by 15%, and the number of jobs in the sector by 18%. The FLA and LIAA work closely together to promote Latvia globally and develop the fintech sector in Latvia. Together, they participate in numerous international events—both with Latvian booths at industry exhibitions and through trade missions—which strengthens the global recognition of Latvia’s fintech ecosystem. Upcoming joint initiatives include Money20/20 Europe 2027 in Amsterdam and visits to Germany, Austria, and France.
“Latvia is home to knowledgeable finance and technology specialists and companies that operate successfully in international markets. We want new foreign fintech companies to establish operations here as well, creating well-paid jobs and increasing the export of services. When choosing a location in Europe, it is important for companies to understand how to obtain a license, find employees, and grow their business. Our foreign representatives are often their first point of contact with Latvia. The more specifically we can answer these questions, the greater the chances that a company will choose Latvia,” emphasizes Ieva Jāgere, Director of the LIAA.
The FLA will publish the latest industry data in its annual report, Fintech Pulse 2026, which will be presented on November 27.
About the FinTech Latvia Association
The FinTech Latvia Association is an organization representing Latvia’s financial technology sector, bringing together 39 members: payment and electronic money institutions, lenders, investment and crowdfunding platforms, regulatory compliance technology companies, and crypto-asset service providers. The association represents the sector in its dealings with government agencies and regulators and publishes an annual industry report, Fintech Pulse. www.fla.lv