Author: Fintechnews Baltic

INDEXO Bank has officially launched operations in Latvia after obtaining a banking licence from the European Central Bank. It is said to be the first recipient of a banking licence in Latvia since its accession to the Eurozone. The bank has leveraged Mambu’s core banking platform, a cloud banking provider, to build its core technology infrastructure. This is further strengthened by Microsoft Azure, providing the cloud computing environment, and Fintecor, which enables seamless integration of various banking services. This modern infrastructure allows INDEXO to provide financial services like current and savings accounts, credit cards, term deposits, and instant payments. The…

Amlyze , a Lithuanian based RegTech company offering anti-financial crime solutions for banks, FinTechs and Virtual Assets Service Providers, announced  the successful closure of a €2.35 million seed funding round. This achievement marks the dawn of an growth phase, setting the stage for AMLYZE to extend its services to larger corporate and institutional clients. The seed round was led by Practica Capital, one of the leading venture capital firms in the Baltics. Firstpick, an early-stage venture capital fund and accelerator, Coinvest Capital, a sovereign VC fund with a group of accredited private co-investors, including Gintas Balčiūnas, CEO of Dokobit, Donatas…

In H1 2024, the number of venture capital (VC) funding rounds in the Baltic region continued to decline, dropping from 82 rounds in H2 2023 to 72 deals. Total capital deployed also fell, decreasing from EUR 541.8 million in H2 2023 to EUR 349.1 million. These findings come from new data released by Firstpick and Change Ventures, two early-stage VC funds, and mirror global VC funding patterns, with total investment declining sharply from record highs in 2021-2022, plummeting from about ~US$300 billion secured in H1 2021 to US$126.6 billion in H1 2024, data from CB Insights. The Baltic Startup Funding…

In anticipation of European Union licensing regulation, Latvian central bank (Latvijas Banka) is inviting companies seeking a crypto-asset service provider license in Latvia for pre-licensing consultations. Latvian central bank will begin accepting applications and issuing licenses for crypto-asset service providers from January 2025. In preparation for this, companies are invited to take part in free pre-licensing consultations. Experts from the central bank will provide guidance on the applicable regulations, required documents, and will offer an initial assessment of each company’s compliance with regulatory standards. These consultations are designed to help businesses submit high-quality applications, facilitating a smooth and efficient official…

Nium, a Singapore based real-time cross-border payment provider, is expanding its operational hub in Vilnius through new hires and a new office facility that will better serve its growing customer base across Europe. This includes: Hiring 18 new full-time employees in Lithuania, representing 100% headcount growth over the last 8 months Moving to a new state-of the art office in Vilnius to support employees and collaboration among the local fintech community Appointing a new Chairman of the Board to oversee further investment in Nium’s local operations and offering to customers in the EU Over the last seven years, Nium has…

As a result of the threat posed to the safe and sound operation of Kevin EU, UAB and the interests of consumers, Lietuvos bankas appointed a temporary representative to supervise the activities of this payment institution and applied certain business restrictions. Kevin EU, UAB is almost four months late in submitting audited annual accounts, has repeatedly postponed the deadline for their submission, has not provided auditors with the necessary information to complete the audit, fails to comply with the capital adequacy requirements and ensure adequate internal control. Having assessed these facts, Lietuvos bankas appointed the private limited liability company Valnetas…

The financial sector is on the edge of a major transformation powered by continuous technological advancements. At the recent Huawei HiFS Frontier Forum 2024 in Shenzhen, industry leaders discussed how cloud, network, storage, and computing infrastructures can strengthen financial systems’ resilience. The forum’s theme, “Boost Resilience, Reshaping Smarter Finance Together,” encapsulates the industry’s collective ambition to navigate the challenges of an uncertain future through technological excellence and collaborative innovation. This gathering comes at a pivotal moment. Traditional banking boundaries are dissolving, and the definition of financial services is evolving unprecedentedly. The imperative for digital transformation As we hurtle towards 2030,…

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…

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…

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…

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,…

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…

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.…

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,…

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…

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…

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…

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…

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.…

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…