Bank of Latvia Has Issued More Than 20 Fintech Licences in 2026

On 7 October in Riga, the FinTech Latvia Association (an industry body uniting financial technology companies) and the Investment and Development Agency of Latvia (LIAA) held a workshop for LIAA's foreign representatives. They are often the first contact for a foreign fintech company looking for a base in the European Union (EU). At the workshop they received facts and arguments on why a Latvian licence is a fast and reliable route into the European market.

Since the beginning of 2026, the Bank of Latvia has issued more than 20 licences to fintech firms, including payment institutions, crowdfunding platforms, investment brokerage firms and crypto-asset service providers. Many other companies are currently in the licensing stage or in pre-licensing consultations.

Sector figures

Latvia has 127 fintech companies. At the end of 2024 they employed 3,644 people, 9% more than a year earlier. Their combined turnover in Latvia reached almost €372 million and profit €97 million, while they paid more than €91 million in taxes into the state budget, 28% more than in 2023.

More than 800,000 people from abroad invest through Latvian-licensed investment platforms, most of them from Germany. Over €13 billion has been invested in total, and the platforms serve nearly a quarter of the European peer-to-peer lending market. The two largest groups had combined revenue of over half a billion euros in 2025, so including work abroad, the sector's total turnover could be up to twice as high.

Latvia's selling points

The association cites an accessible regulator (the Bank of Latvia's Innovation Centre, a regulatory sandbox and free pre-licensing consultations) and a licence obtainable in 2–3 months after a complete set of documents is submitted. Latvia was the first country assessed by MONEYVAL, the anti-money-laundering evaluator, in its new 6th round, receiving a high or substantial effectiveness rating on 10 of 11 indicators. More than 90 fintech firms are of Latvian origin.

Santa Purgaile, Deputy Governor of the Bank of Latvia, stressed that requirements are uniform across the EU, but the bank's licensing process is clear and smooth, and a well-prepared application can be reviewed within a few months.

The workshop supports the national fintech development strategy for 2025–2027, which aims to raise the number of companies by 30%, investment by 15% and jobs by 18% by the end of 2027. The association will publish the latest data in its Fintech Pulse 2026 report on 27 November.