INDUSTRY OVERVIEW2023-07-27T23:00:16+03:00


For the last few years Latvian fintech sector has been characterized by speedy development both locally and globally. The industry which, as most of the world, felt the strong punch of Covid-19 pandemics, seems to be slowly starting its recovery. Currently the most saturated segment in Latvian fintech is the payments sector, which is followed by financial data/IT solutions, and P2P/crowdfunding categories. As elsewhere, crypto/blockchain solutions are also starting to catch up in the market.



Taking into account the strong banking and financial industry roots as well as talent density in Riga – the biggest city in the Baltics – local fintechs characterize the ecosystem as having especially high growth potential. Ease of doing business, friendly regulations, the necessary infrastructure and opportunities for innovation, as well as the vast talent pool are all mentioned when referring to reasons for choosing Latvia as their operational bases.


The quick growth of the industry helped to promote and introduce regulatory and supervisory mechanisms that now ensure stable and transparent dialogue between both sides. A huge recent win for the Latvian business community was the introduction of the stock option regulation, which helps local companies to both attract potential talents from abroad as well as adds legitimacy in the eyes of investors. International startup community even recognized it as one of the friendliest in the world while local fintechs describe cooperation with their regulator as smooth and informed as it would be with another fintech.


Experts predict that future legislative changes will be dictated by global sustainability goals. This trend has already started to shape the overall regulatory framework on a European level, becoming a major consideration point before every local legislative and business decision. With predicted demand for sustainable transformations, the future investment decisions will also be considered through sustainability prism, influencing all business communities, including fintechs.


Fintech outlook magazine “The Pulse of Latvian Fintech” is a public overview of the state of Latvian fintech ecosystem, sharing industry’s key growth metrics, emerging trends and commentaries on future predictions. The outlook magazine is prepared and presented to you by the Fintech Latvia Association in cooperations with its strategic research partner – innovation management company “Helve”. The magazine is meant to work as a guide for future investors, featuring noteworthy insights from industry experts and state actors on matters such as regulatory framework, available support mechanisms, and capital availability. Watch the full video recording of the of the Fintech Latvija Association “The Pulse of Latvian Fintech” outlook magazine presentation here.

Research “Development of the Latvian Non-banking Consumer Lending Sector”

This spring, during the media breakfast organised by the Fintech Latvia Association, was presented an independent study “Development of the Latvian non-bank consumer lending industry” conducted by Arnis Sauka.

This study was conducted because the non-banking consumer lending industry, together with the Fintech industry, has experienced rapid development both in Latvia and elsewhere. The study provides a comprehensive insight into the evolution of the sector, changes in regulation, loan portfolio quality and interest rates, in comparison to the banking sector.

The study conducted by Prof. Arnis Saukas in early 2023 is based on publicly available statistics, a member survey and express interviews, as well as information provided by the FLA. Participants included 4FINANCE AS, DelfinGroup (Banknote), VIZIA FINANCE SIA, NORDIC FINANCE SIA, MOGO AS, PRIMERO FINANCE AS, IPF DIGITAL LATVIA SIA, representing more than 50% of the industry by the volume of issued non-banking consumer loans.

The public opinion poll conducted by the research agency “Norstat” in March 2023 reveals how the general society has reacted to the developments in the sector. It revealed that there are now significantly more positive and neutral attitudes among non-banking credit users – 70%, and correspondingly significantly fewer negative attitudes – 28%. “The Norstat survey was conducted in March 2023, with an online survey of 1,000 Latvian residents aged 18-74.

Norstat Managing Director

Linda Ezera

Prof. Arnis Sauka
Tīna Lūse

Fintech Latvia Association Managing Director

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