Author: Fintechnews Baltic

Bolt Secures €220M Revolving Credit Facility

Bolt announced that they have secured a €220m revolving credit facility, strengthening their financial position as they intend to balance growth and their path to profitability. A revolving credit facility is a line of credit that allows a company to withdraw funds, which can be repaid and withdrawn as needed. The €220m facility, provided by a syndicate of core relationship banks, supplements the company’s strong cash position and strengthens its liquidity profile. It is intended for general corporate purposes and is currently undrawn in line with our prudent financial approach. “Our inaugural revolving credit facility is an important milestone for…

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Tenity and Copenhagen Fintech Launch Pre-Seed Nordic and Baltic Fintech Startups Accelerator

Switzerland based Tenity in collaboration with Copenhagen Fintech announce the launch of the “New Nordic Challengers” program. This pre-seed fintech program is designed to propel Nordic and Baltic Fintech startups onto the global stage, offering opportunities for growth and innovation in the financial services sector. Empowering the Next Generation of Fintech Innovators The “New Nordic Challengers” program is crafted to support and accelerate the growth of early-stage fintech companies from the Nordic and Baltic regions. By providing participants with EUR 50k pre-seed capital and a potential follow-on investment of up to EUR 250k, as well as access to a platform…

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Swaps Enables Crypto Real Estate Transactions with Kurg&Korsten

Swaps, a company specializing in crypto-fiat payments, has announced a groundbreaking partnership with premier Estonian real estate agency Kurg&Korsten. This collaboration enables the first-ever direct crypto payments for real estate transactions, marking a significant advancement in financial technology applications within the property market. Innovative Crypto Payment Integration by Swaps Swaps, renowned for its secure and efficient crypto-fiat conversion services, brings its expertise to the real estate sector, facilitating transactions in cryptocurrencies like Bitcoin and Ethereum and others. This move addresses the increasing demand for flexible payment solutions in real estate, offering clients an alternative to traditional payment methods. The Partnership’s…

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Latvia Is Preparing the First Unified Sales Pitch to Approach Web 3.0 Companies

The Ministry of Economics of Republic of Latvia and the Latvian Blockchain Association have started cooperation to prepare a joint offering for international blockchain and financial technology companies. As a result, for the first time, Latvia’s country booth will placed at the prestigious “Token 2049” conference, which will take place in mid-April in Dubai. In preparation for the “Token2049” conference, both organizations are developing a joint presentation on Latvia’s advantages and offerings for blockchain, financial technology, and WEB 3.0 industry companies. This will be the first conference of its kind where Latvia will have a coordinated and unified sales pitch,…

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TransferGo Raises US$10 Million to Fuel Asia Pacific Growth Plans

TransferGo, an online money transfer platform operating in over 160 countries, recently announced it has raised US$10 million from Taiwania Capital, a Taiwanese venture capital firm. This funding is part of TransferGo’s strategy to expand its presence in the Asia-Pacific region and to enhance its range of products. The company, which has seen its valuation double since a funding round in September 2021, reports a 50% increase in revenue and reached profitability in 2023. These financial milestones come despite a trend of market contractions last year, during which TransferGo also grew its workforce by more than 30% and added global…

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Iceland’s Traditional Lenders Spearhead Fintech Innovation

In Iceland, the financial landscape is witnessing a dynamic interplay between traditional lenders and innovative fintech companies. These partnerships are reshaping Iceland’s financial sector, fostering innovation and providing customers with more efficient and diverse services. Over the past year, a flurry of domestic banks have announced new partnerships with fintech startups and tech providers to enhance financial services and improve customer experience. Kvika Banki has been among the most active lenders in payment innovation, unveiling a partnership with card issuing company Enfuce in June 2023 and another collaboration through its subsidiary Straumur with Dutch payment firm Adyen in January 2024.…

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New Fintech Lithuania Report and Map 2024

In Lithuania, the fintech ecosystem rose steadily last year, showing resilience and maturity in the face of the continued global economic downturn. Data freshly released by Invest Lithuania, the country’s investment promotion agency, reveal that the number of companies in the domestic fintech sector increased by 5% to more than 270 companies in 2023, while the industry’s talent pool grew by 6% to surpass 7,400 professionals. The data, featured in the Fintech Landscape in Lithuania 2023-2024 report, paint a bullish picture of the Lithuania fintech landscape. In addition to the industry’s growth in 2023, a survey of 77 industry stakeholders,…

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The Winners of the 2024 Lithuanian Fintech Awards

Rockit, a fintech hub and startup program organizer in Lithuania, has unveiled the recipients of the 2024 Lithuanian Fintech Awards, recognizing this year’s top fintech leaders and trailblazers shaping the country’s fintech sector. The 2024 Lithuanian Fintech Awards, the fourth iteration of the annual industry award event, recognize Lithuania’s fintech groundbreakers across seven key categories, highlighting their significant achievements and contributions to the ecosystem. This year’s Company of the Year award went to payment startup Paystrax. The price celebrates excellence in the lending, investment or peer-to-peer (P2P) industries, recognizing the companies that are driving positive change within these markets and…

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Redefining Resilience for Banks in the Digital Era with the Four Zeros

The banking industry stands at the brink of a major transformation, driven by rapid technological advancements and changing customer expectations in a dynamic digital landscape. This transformation is not without its challenges, as banks grapple with the critical task of bridging the gap between traditional banking services and the demands of a digital-first customer base.  Factors such as the unbanked population, system outages, cybersecurity threats, and the rise of fintechs pose significant barriers to this connection, underscoring the urgent need for banks to fortify their operational resilience (OpRes) and Information Technology resilience (ItRes).  In this context, the notion of resilience…

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Citi Ventures Invests in Tuum

Tuum, a London and Tallinn based core banking provider, announced that Citi Ventures, a venture capital arm of US-headquartered Citigroup, has become a strategic investor in the company as a follow-on from Tuum’s recently announced series B fundraising. At the start of February, Tuum announced a EUR25m Series B fundraise led by CommerzVentures, the proceeds from which will be used for product and market development. The company plans to expand its international presence — targeting new territories in the DACH region, Southern Europe, and the Middle East — and to accelerate investment in its market-leading solution. As strategic investors on…

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N26 Launches Instant Savings in 13 New Markets, Offering Customers up to 4% Interest on Deposits

German Digital bank N26 has announced the launch of its Instant Savings accounts in a further 13 markets across Europe. From today, customers in Austria, Belgium, Estonia, Finland, Greece, Ireland, Latvia, Lithuania, Luxembourg, the Netherlands, Portugal, Slovakia and Slovenia will be able to earn up to 4% interest per annum on their savings, without deposit limits and at no additional cost. The launch works to further expand the digital bank’s offer in these markets beyond everyday banking, to encompass products and services geared towards helping millions of Europeans improve their financial wellbeing. The N26 Instant Savings account can be activated…

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Tenity Invests in 8 Early-Stage Startups Selected for Its Spring 2024 Nordics & Baltics Incubation Program in Tallinn

8 early-stage startups from 5 countries have been selected for the upcoming Tenity Incubation Program starting on March 4th, 2024, in Tallinn. The selected startups receive an initial EUR50k investment from the Tenity Incubation Fund. The upcoming edition of the Tenity Incubation Program in Nordics & Baltics welcomes a cohort of total 8 early-stage startups selected from a pool of more than 400 applications globally. 4 of them are from Estonia, 2 from the Nordics, 1 from UK and 1 from Singapore. The startups impressed Tenity during the application process, culminating with in-person Selection Days in Tallinn in January 2024.…

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Capitalbox Acquires Omniveta’s Business to Boost Liquidity for SMEs

CapitalBox, the Stockholm based alternative financing specialist for small- and medium-sized enterprises (SMEs), announced its acquisition of Copenhagen-based Omniveta Finance. Omniveta is an invoice purchasing company dedicated to improving lending liquidity for SMEs across Denmark. Founded in 2012, Omniveta specialises in invoice purchasing, complimenting CapitalBox’s current alternative finance solutions offering. In development since last year, this acquisition was spearheaded by CapitalBox Chief Strategy and Growth Officer Nemira Palaimienė. Omniveta will assume the name CapitalBox moving forward, and its entire team will be brought under the auspices of CapitalBox’s Danish division and Denmark Country Manager Anne Trampedach, who has led the…

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Openfin Hack International Fintech Hackathon Opens for Applications

Leading financial institutions, Fintech companies, and Latvian and European financial industry associations opens application opportunities for the international Fintech hackathon “OpenFin Hack”, which aims to promote innovation to make financial services more secure, inclusive and accessible. The OpenFin Hack hackathon will take place online from 9 to 13 April. Participants will also be able to meet in person at a networking event on the final day in Riga. The hackathon is open to new idea authors and early-stage startup teams. Industry expert support and assistance will be available to create innovative financial solutions together. The total prize fund for the…

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Latvia’s Fintech Industry on the Rise, Driven by Growth in Blockchain, Digital Lending, Regtech

Latvia is home to a dynamic fintech industry that’s witnessing remarkable growth in the blockchain and digital lending sectors. Additionally, the rise of regtech solutions is being driven by the need to comply to heightened regulatory requirements, offering opportunities for young and innovative startups to meet the demand, providing further impetus to fintech development, a new report by the Fintech Latvia Association says. The report, titled Fintech Pulse 2023, provides an overview of the current fintech landscape in Latvia, showcasing the country’s strengths, exploring the main trends in the fintech sector and offering key insights on current developments in the…

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Lithuania’s Šiaulių Bankas Selects Temenos SaaS to Modernize Core Banking in the Cloud

Temenos announced that Šiaulių Bankas, the largest independently-owned bank in Lithuania with over €4 billion in assets, has selected Temenos to modernize its core banking platform. Šiaulių Bankas will migrate its retail and corporate banking including trade finance to Temenos Banking Cloud, supporting the bank’s growing business needs with increased flexibility and resilience. The move to Temenos core banking software-as-a-service (SaaS) is part of a strategic transformation at Šiaulių Bankas following the merger of its retail business with Invalda INVL. Šiaulių Bankas, which is under the joint supervision of the Bank of Lithuania and the European Central Bank, is a…

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Fintech Funding in Lithuania Nosedives 97% YoY

In 2023, Lithuania fintech startups secured a mere EUR 7.2 million in venture capital (VC) funding, a figure which represents a staggering 97% year-on-year (YoY) decline from EUR 222.6 million, new data released by Dealroom show. The sum makes fintech only the sixth top startup segment in Lithuania by VC funding volume for 2023, a far cry from the sector’s prominence in 2022 during which it stood at the second most funded startup vertical. The plunge in fintech funding mirrors the trends observed across the broader Lithuanian and global startup landscape. In 2023, Lithuanian startups funding declined by nearly 30%…

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6 Lithuanian Fintech Startups to Watch in 2024

Over the past years, Lithuania has emerged as a significant player in the European fintech sector, an industry that has grown on the back of a burgeoning startup ecosystem, a favorable regulatory environment and robust infrastructure. As of the end of 2022, the Baltic country was home to more than 260 fintech companies, up from just a mere 55 in 2014, data from Invest Lithuania, the country’s agency for foreign direct investment and business development, show. The industry employed 7,000 people, representing a 18.6% year-on-year (YoY) in 2022. The growth of fintech in Lithuania is also visible through the increased…

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Core Banking Provider Tuum Grabs 25M EUR Series B Led by Commerzventures

Tuum, a Tallinn and London based core banking provider, announced that it has raised EUR25m, in a series B financing round led by CommerzVentures, with participation from Speedinvest alongside existing investors. Tuum has expanded rapidly since signing its first client partnership in February 2019, working with banks to ease their digital transition onto cheaper, flexible systems that can free them up to develop new products and enter new verticals. The company now boasts a customer base across 10 countries, with a pronounced presence in the UK, and Nordics. Over the last three years, Tuum’s revenues have soared, demonstrating a compound…

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TransferGo Strengthens Leadership for Global Expansion with Key Executive Hires

TransferGo, a global fintech creating a fairer world for millions of hard-working migrants, announced the addition of three professionals to its executive team to spearhead global expansion and consolidate its presence in existing markets. With their extensive experience and expertise, the new leaders are set to drive TransferGo’s strategic ambitions across new frontiers. “Our mission to make financial services fairer and more accessible for migrants guides every decision we make. The addition of Jonny, Sarah, and Simon to our leadership team marks a significant milestone in our journey as we continue to grow rapidly and scale the business in new…

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