The finance industry in Latvia in general, and it’s capital Riga in particular, has been traditionally strong. Financial services have consistently ranked among the leading service export areas in the Baltic region, in large parts benefitting from Riga as the trading bridge between European, Nordic and CIS economies.

A skilled and ambitious talent pool, advantageous geographic location and high-tech digital infrastructure has facilitated the recent meteoric rise of the IT sector. As the nascent IT industry is merging with strong roots in finance, the current innovation trends act as a catalyst for growth and innovation. Fintech is the strongest startup segment in Latvia, with a wide scope of players starting from crypto hardware giants to small payments services.

For the first-ever Latvian fintech report, Swedbank Latvia partnered with the Latvian Startup association for an in-depth survey of active companies in Latvia, with the aim to take the temperature of the current fintech landscape. Survey respondents represent 40% of all currently active fintech startups registered in Latvia, offering a deeper view into the current trends of the fintech ecosystem.

Latvia, a growing fintech hub

Latvia has been steadily growing as an emerging startup hub. With a population under 2 million people, the country has not only supported the growth of local startups with flexible regulations and business infrastructure, but increasingly positioned itself as the headquarters for many international startups looking for the best launchpad.

With all the necessary preconditions to serve as a springboard for high-tech IT companies, Latvia can boast a digital-first approach to government services, competitive digital infrastructure and an ambitious, talented and multilingual workforce making it easier for founders based in Riga to build strong international teams with a global outlook from day one.