On 7 October in Riga, the FinTech Latvia Association (FLA) and the Investment and Development Agency of Latvia (LIAA) held a workshop for LIAA’s representatives abroad. They are often the first point of contact for foreign fintech companies choosing a base in the European Union. The workshop equipped them with facts and arguments explaining why obtaining a licence in Latvia offers a fast and reliable route to the European market.

The workshop came at an opportune time, as interest in Latvia as a fintech jurisdiction continues to grow. Since the beginning of 2026, Latvijas Banka, Latvia’s central bank, has issued more than 20 licences to fintech companies, including payment institutions, crowdfunding platforms, investment firms and crypto-asset service providers. Many other companies are currently undergoing licensing or taking part in 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 actively works to ensure that companies, the regulator and public institutions coordinate their efforts and work towards a common goal. A foreign company deciding where to enter the EU market often speaks to LIAA’s representatives first. If they can confidently explain that a licence can be obtained in Latvia within a few months and that the regulator is open to dialogue, Latvia becomes a serious contender.”

A sector that earns revenue globally and pays taxes in Latvia

Latvia is home to 127 fintech companies. At the end of 2024, they employed 3,644 people — 9% more than a year earlier. The sector’s combined turnover in Latvia reached almost €372 million, while profits totalled €97 million. These companies contributed more than €91 million in taxes to the state budget — 28% more than in 2023.

Latvia serves as a base from which fintech companies expand into global markets: they obtain their licences and build their teams here, while serving customers across Europe and beyond. More than 800,000 international investors, predominantly from Germany, invest through Latvia-licensed investment platforms. Over €13 billion has been invested through these platforms, which account for almost a quarter of Europe’s peer-to-peer lending market.

The largest fintech groups headquartered in Riga also operate across multiple countries, with the largest present in 17 countries on three continents. The combined revenue of the two largest groups exceeded half a billion euros in 2025. This is more than the entire sector’s turnover in Latvia, suggesting that, when overseas operations are included, the sector’s total turnover could be twice as high.

Latvia’s advantages compared with other EU jurisdictions

• An accessible regulator. Latvijas Banka offers an Innovation Hub, a regulatory sandbox and free pre-licensing consultations. With well-prepared documentation, a licence can be obtained within two to three months of submitting a complete application.
• A trusted jurisdiction. Latvia was the first country assessed under MONEYVAL’s sixth evaluation round. It received high or substantial effectiveness ratings in 10 of the 11 indicators.
• Local talent. More than 90 Latvian fintech companies are of Latvian origin, and the sector is built on local expertise in finance and technology.

Santa Purgaile, Deputy Governor of Latvijas Banka: “The requirements are the same throughout the European Union, but Latvijas Banka ensures that the licensing process is clear and efficient, providing all the necessary guidance and support. During pre-licensing consultations, companies learn exactly what we expect from them, which means we can assess a well-prepared application within a few months. A licence from Latvijas Banka allows a company to operate throughout the European Union, and its value is further strengthened by Latvia’s internationally recognised anti-money laundering framework.”

The workshop supports the implementation of Latvia’s Fintech Sector Development Strategy for 2025–2027. By the end of 2027, the strategy aims to increase the number of fintech companies by 30%, investment attracted by 15% and employment in the sector by 18%.

FLA and LIAA work closely together to promote Latvia internationally and develop its fintech sector. They jointly participate in numerous international events, including Latvian stands at industry exhibitions and trade missions, strengthening the global visibility of Latvia’s fintech ecosystem. Their next joint initiatives include Money20/20 Europe 2027 in Amsterdam and visits to Germany, Austria and France.

“Latvia has skilled finance and technology professionals, as well as companies that operate successfully in international markets. We also want new foreign fintech companies to establish and expand their operations here, creating well-paid jobs and increasing services exports. When choosing a European base, companies need to understand how to obtain a licence, recruit employees and grow their business. Our representatives abroad are often their first point of contact with Latvia. The more specific our answers to these questions, the greater the likelihood that a company will choose Latvia,” emphasises LIAA Director Ieva Jāgere.

FLA will publish the latest sector data in its annual report, Fintech Pulse 2026, which will be presented on 27 November.