Riga, the Latvian capital, has long aligned itself with operations of the international financial institution. For a long period, the city has been handling Russian transaction. Now, being part of the euro region, Latvia prides itself on providing financial as well as legal and regulatory certainty. The country is a growing centre for fintech, particularly in consumer finance, P2P, and crowd funding. In no particular order we will run you through 10 popular fintech companies to watch in Latvia.
4Finance is one of the largest mobile and online consumer lending groups in Europe. Since 2008 the company has provided over 11,500,000 Single Payment, Line of Credit and Instalment Loans totalling more than EUR 3.4 billion. The company uses data and cutting edge technology to provide loans to customers across 17 countries. As a responsible lender, the company is transparent about the loans it offers.
Founded in 2015 and headquartered in Riga, Monea presents an application that allows people to make fast money exchange transactions through their mobile phones. Its operational app is integrated with 4 banks in Latvia (SEB, Nordea, Citadele, and Swedbank). The company is eyeing the European market, beginning with the neighbouring Baltic States where talks with their major retail banks are taking place.
Created in Latvia, BitFury operates in the US, United Kingdom, Iceland, Netherlands, Hong Kong and Georgia. The company is a fully integrated Bitcoin Blockchain security and infrastructure provider. It develops and designs industry-leading full custom ASIC silicon chips, servers and data centres and printed circuit boards (PCB), and runs one of the biggest operations in the world in data centres in the Republic of Georgia and Iceland.
Founded in 2015, Coinfide is a payment specialist that offers invoicing, eWallets and payment solutions for small and medium-sized enterprises and a full service for merchants. All-in-One solution, merchants accepts payments by e-wallet, online bank transfers, and credit/debit cards. Merchants account features secure payment page, single payment gateway, back office with approval and monitoring facilities, analysis and reporting.
Launched in 2015, Swipe is a Latvian gateway for invoicing and instant payments. It is currently available in 13 currencies across European countries. Swipe participated in Rietumu Fintech challenge and was one of the finalists. The interest in Swipe start up is constantly growing, mainly from Europe and the US
Founded in 2015 and Based in Riga, Mintos is a consumer peer-to-peer lending platform that connects borrowers with investors. The platform currently serves personal unsecured loans, mortgage loans, small business loans and secured car loans. The platform allows customers to invest in 6 countries: Latvia, Estonia, Poland, Lithuania, Czech Republic and Georgia. As of November 2015, the company had more than 8,346 registered investors from over 40 countries.
Twino is a subsidiary of Finabay, a company with over 7-years-experience in the financial loan market. This synergy enables Twino to offer investors with premium returns of up to 15% annually. Founded in 2015 as a loan service, the company is currently scaling up, already cooperating with hundreds of investors from 27 countries in Europe.
Launched in 2012 and headquartered in Warsaw, CreamFinance provides fast access to reliable personal loans. Currently operating in Latvia, Slovakia, Czech Republic, Poland and Georgia, the company was ranked the second fastest growing company in Europe, and the first in the financial services industry, by published annual Inc. 5000 Europe list.
DECTA is payment processing and card issuing solutions for Corporates, Banks, P2P and other payment service providers. It is one of the most advanced processing centres and a top provider of end-to-end solutions for payment processing and card issuing for customers. By combining cutting-edge technology, their extensive business expertise, and individual approach to every customer, they deliver tailored solutions that help their partners increase global reach, solve business challenges and minimize risk.
10) Alfa Finance
Alfa Finance is a fast-growing and innovative global player in investment management and online lending. The company started its operations in the short-term consumer lending sector in 2015. The company is growing rapidly and it is planning to expand its online consumer lending business into three new markets– in South America, Asia, and Transcaucasia.