Author: Fintechnews Baltic

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…

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…

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…

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%…

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…

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…

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…

Over the years, the Nordic and Baltic regions have emerged as vibrant hubs for fintech innovation, fueled and facilitated by advanced digital infrastructure and digitally literate populations, government support, and strong collaboration between traditional financial institutions, startups and technology companies. The Baltics, which include Estonia, Lithuania and Latvia, boast a skilled workforce, favorable taxation and a strong startup culture, a favorable landscape that has contributed to the advent of a burgeoning fintech ecosystem of 600 companies. The Nordics, which encompass Sweden, Finland, Norway, Denmark and Iceland, are home to more than 1,200 fintech companies, including some of Europe’s fastest-growing and…

Latvia is set to host the first “Fintech Board Members Academy” at the end of this month. This crafted, two-day, in-person event is tailored for industry leaders, offering a comprehensive program that explores critical topics shaping the future of the fintech industry in Latvia. Scheduled for January 25-26, the Academy will bring together over 10 local and international experts. The Academy is organised by the Fintech Latvia Association in cooperation with the Baltic Institute of Corporate Governance, which promotes the implementation of good corporate governance principles in the Baltic States, including the organisation of 15 years of educational programs for…

With the world becoming increasingly digital each year, the role of fintech companies providing nextgen financial services has been growing. Hardly anyone remembers the days when, for example, you had to go to a bank branch to solve your banking issues. According to Greta Ranonytė, Head of the Fintech Hub LT Association, financial technology is like éminence grise: we may not know the names of the companies, but we feel the results of their work and innovations every day, when transferring money using just a mobile phone number, paying in a shop with a swipe of a card or a…

The Council of Latvijas Banka has approved an initiative that will enable non-bank payment service providers – payment and e-money institutions – and in the future also crypto-asset service providers to open an account with Latvijas Banka for the segregation of their customer funds. Likewise, Latvijas Banka will provide non-bank payment service providers with the possibility to directly participate in the Electronic Clearing System (EKS), thus facilitating the development of payment services in Latvia. It is planned that the possibility to open an account for separate holding of customer funds in euro with Latvijas Banka will be provided to payment…

Lithuania’s new 2023-2028 fintech strategy is putting a focus on attracting fintech leaders and supporting the qualitative development of the Lithuanian fintech sector in a bid to become a leading European fintech hub and center of excellence. Released on October 23, the Guidelines for the Development of the Lithuanian Fintech Sector for 2023-2028 formulate directions and areas of focus for the development of the fintech sector in Lithuania within the next five years. The strategy sets out ambitious goals including an annual sector turnover growth rate of 30% and 35 million customers spread out across companies licensed in Lithuania by…

Shufti Pro, an identity verification service provider announced its strategic partnership with Lithuanian based AMLYZE, a RegTech company specialising in anti-financial crime solutions for FinTechs, neo-banks, and crypto businesses. This collaboration brings together the best of both companies’ expertise to offer clients an unparalleled suite of Anti-Money Laundering (AML) and Know Your Customer (KYC) screening solutions. AMLYZE, recognised for its transaction monitoring, client risk scoring, investigations, and sanctions screening services, developed by regulatory insiders in collaboration with IT and AML experts, has joined forces with Shufti Pro to leverage the latter’s cutting-edge compliance services along with KYC and KYB (Know…

In Sweden, fintech companies are finding it more difficult to secure funding, noting that investors have adopted a more cautious approach amid economic uncertainties, geopolitical turmoil and soaring inflation. But despite the challenging venture funding landscape, fintech entrepreneurs remain confident in the sector’s prospects and are expecting growth in the year to come, a new report by industry trade group, the Swedish Fintech Association (SweFintech), says. The report, titled the 2023 Fintech Report: From Growth to Profitability, provides an overview of the Swedish fintech industry, describing how the industry developed in 2022 and exploring the various challenges encountered by Swedish…

iDenfy, a global RegTech startup offering automated identity verification and fraud prevention tools, announced a partnership with NomadRem, a Lithuania-based fintech company, which offers quick money transfers, bill payments, and a variety of other financial solutions. iDenfy’s newly integrated ID verification and AML screening tools will ensure a fraud-free, compliant environment for NomanRem. Demanding Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures can create friction in the user onboarding process. At the same time, iDenfy explains that lengthy identity verification and screening processes may deter potential customers from signing up or using the service, leading to a loss for…

October marks the one-year anniversary, since the Latvian airline airBaltic launched its loyalty programme – a collection of 10 000 non-fungible tokens (NFT), known as Planies. Now, the company is committed to further developing this project, thus introducing a new 12-point roadmap, which brings exclusive travel benefits and activities for Planies NFT holders in the upcoming years. So far, the programme has attracted over 1.5 thousand unique users, and Planies has distributed millions of air miles (points), enriching the travel experiences of members of airBaltic Club. Māris Rudens, Head of Loyalty and Partnerships of airBaltic: “Planies is the world’s first…

Plug and Play is set to collaborate with innovative startups in Lithuania. This landmark collaboration entails an investment of EUR 5.9 million to nurture a minimum of 45 startups over the span of three years. “We are creating additional opportunities for our startups, aiming to foster their growth and facilitate product exports to foreign markets. The involvement of a US company will aid entrepreneurs in forming precise connections with foreign investors and prominent global corporations. As a result, we anticipate accelerating the expansion of our startup ecosystem, which has seen its value surge more than 17-fold in recent years. Our…

In Estonia, blockchain and cryptocurrency is the most prevalent and advanced vertical of the fintech sector, representing more than a fifth of all Estonian fintech startups, a new map released by the Fintech News Network reveals. The Fintech Estonia Startup Map 2023, which gives an overview of the Estonian fintech startup ecosystem, shows that the Baltic country is seeing the rapid development of its blockchain and crypto sector which today comprises 30 companies. The figure makes the vertical the biggest in the country’s fintech industry. One prominent player in the market is Guardtime, a cybersecurity provider that uses blockchain systems…

The main institutional actors in Lithuania’s Fintech ecosystem signed a Memorandum of Understanding confirming the National Fintech Guidelines for 2023-2028. The Guidelines, which consist of five separate directions, are aimed at improving the conditions for businesses and continuously developing an open, transparent and secure regulatory framework. The Guidelines were drafted under the supervision of Lithuania’s Ministry of Finance, acknowledging the strategic importance and potential of the sector to the country’s economy. Today, the country is the largest Fintech hub in the EU by licences issued. It is also one of the lowest risk jurisdictions globally, according to the Basel AML…

AMLYZE, a Vilnius-based RegTech firm specializing in anti-financial crime solutions for FinTechs, neo-banks, and crypto businesses, has successfully concluded a $1 million pre-seed investment round. The round was led by Practica Capital, with participation from the Firstpick accelerator and venture capital fund. The funding will be used to scale AMLYZE’s Software-as-a-Service (SaaS) business, facilitate international expansion, and introduce advanced functionalities to its core product offering. With a current client base primarily located in the Baltic States and the United Kingdom, AMLYZE is experiencing a surge in demand for its transaction monitoring, risk assessment, and case investigation solutions. The global scale…