Fintech Breakfast | Fintech Strategy Development: Capital Availability and Support Instruments

Published On: November 21st, 2024

This morning at Ellex Legal, we held the final Fintech Breakfast of the year, focusing on Fintech Strategy Development: Capital Availability and Support Instruments. It was an inspiring way to close out this year’s series, filled with impactful insights, meaningful discussions, and a shared vision for the future of fintech in Latvia.

Keynote Reflections
Ilze Baltābola from Ministry of Economics introduced how state institutions support innovative business development and provided updates on the latest regulatory changes. One of the key topics at the state level is the more active positioning of the fintech sector/companies in foreign markets.
Ralfs Jānis Punāns and Jānis Svemps from ALTUM highlighted the wide array of support tools available for startups and other companies. They emphasized that ALTUM offers both direct (loans) and indirect (funds) tools in various forms, which often need to be evaluated on a case-by-case basis.
Kristīne Bērziņa, Chairman of the Board at Latvian Private Equity and Venture Capital Association (LVCA), explored the dynamics of private equity and venture capital in supporting fintech innovation. She stated that family offices and high-net-worth individuals are an investor class that has become increasingly active in recent years. Additionally, she noted that Latvia’s market should be analyzed at a Baltic regional level since funds operate beyond state borders.

Panel Discussion Highlights
Our exceptional panel brought diverse perspectives to the table:
•⁠ ⁠Uve Poom (Tenity): “The fintech scene in Latvia, from an investor’s perspective, could be more diverse. Scandinavian companies are leading the region in terms of maturity and experience.”
•⁠ ⁠Marine Krasovska (Latvijas Banka): “The availability of capital is determined by the industry, but the public sector can help by lowering certain expectations and creating access to various support mechanisms and programs.”
•⁠ Kristīne Bērziņa (Latvian Private Equity and Venture Capital Association (LVCA)): “Ambition is one of the main drivers for companies to grow and attract funding for expansion.”
•⁠ ⁠Mārtiņš Valters (Mintos): Shared Mintos experience in attracting diverse types of investments, including crowdfunding and more.

The Managing Director of the Fintech Latvia Association Tīna Lūse, emphasized at the conclusion of the event that the work on developing the national fintech strategy is just beginning behind the scenes. She also highlighted that it has been very valuable so far to learn more from the industry about what is important to them.

A heartfelt thank you to Marta Cera (Ellex Kļaviņš) for skillfully moderating the panel and to our partners—Latvijas Banka and Ministry of Finance of the Republic of Latvia—for supporting this incredible initiative throughout the autumn. This series wouldn’t have been possible without the energy and ideas of everyone who joined us!

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