Latvijas Banka has granted its second authorisation for crowdfunding services this year, approving FLOW, a platform developed by ERST Finance with legal support from Sorainen.

FLOW’s authorisation enables the platform to provide loan facilitation services (loan-based crowdfunding) and other services related to crowdfunding.

The license allows FLOW to operate across the European Union in coordination with Latvijas Banka.

The approval process demonstrates the ability of the regulator to review applications efficiently.

Reports indicate that the license was issued in under three months after submission.

This development highlights the growing activity within Latvia’s fintech sector and shows that companies, both domestic and international, can establish operations in the country under current regulatory frameworks.

Featured image credit: Edited by Fintech News Baltic, based on image by PAKMUD via Freepik