Lithuanian media praise Latvia's tech companies in Baltic startup comparison
Lithuanian outlet Lrytas.lt has published an overview of Baltic startup ecosystems, highlighting the international success of Latvian tech companies, especially in fintech. Each Baltic country shows distinct strengths, but turning individual success stories into a repeatable trend remains the region's next challenge.
Lithuanian news portal Lrytas.lt has published an analysis of Baltic startup ecosystems, concluding that the region has become one of Europe's most dynamic technology hubs in recent years, even though each country is developing at its own pace and in its own direction.
Three different growth paths
According to Lithuania's Ministry of Economy and Innovation, the total value of Lithuanian startups grew 6.8 times between 2019 and 2024, significantly outpacing the regional average. The country now hosts more than 1,100 startups with a combined value exceeding €16 billion, including well-known names such as Vinted and Nord Security.
Estonia, meanwhile, retains its position as the Baltics' leading tech nation. Based on the European Commission's latest data, Estonia ranks first in the EU for venture-capital-backed companies per capita, with 615 such companies per million residents, and is also among the world leaders in unicorns — startups valued above one billion US dollars — relative to population.
Latvia's international examples and fintech's advantage
Latvia has produced several companies that reached international scale, most notably e-commerce company Printful and technology solutions provider Lokalise. However, the fintech sector best illustrates the region's potential for global growth, exemplified by Mintos, an investment platform founded in Riga in 2014 that now operates in more than 30 European countries and serves over 700,000 investors.
The analysis notes that the digital nature of financial services, combined with the EU single market, allows fintech firms to expand without building physical branch networks, since a license obtained in one member state can be used to offer services across the bloc. Accumulated regional expertise also helps — Lithuania, for instance, hosts the EU's largest hub of licensed fintech companies.
At the same time, the report points out that Latvia still lacks sufficient funding for companies at later growth stages, meaning international success stories remain more of an exception than the norm for now. Mintos CEO and co-founder Martins Sulte stresses that future success will depend not on where a company is founded but on its ability to scale across Europe, supported by the EU's regulatory infrastructure.
