According to the data, out of the approximately 500 startups in Latvia (the exact number of startups varies from 420-600), 142 operate within the fintech sector, constituting approximately 29% of the overall startup ecosystem.
"Interestingly, since the last review, eight fintech startups have ceased their operations. They were focused on crowdfunding, payments and lending. On the bright side, the list counts 10 newcomers with five of those operating in Data/IT solutions, three in the Payments section and one each in the P2P/Crowdfunding and Crypto/Blockchain sections," says the report.
"Although there was a fall in funding last year, we see that several opportunities have now presented themselves. The government strives to create more ways for fintechs to access funds and this will have a profound effect on the future of Latvian fintechs. Nevertheless, it is important to act and use these opportunities in the best possible combination to achieve exponential development of the industry," the report concludes.