This is the first time that a Latvian company has achieved such a high position in this ranking. Meanwhile more Latvian companies named Datorium, Swotzy, and Weedbot were highlighted in the Impact Stars category.
The Technology Fast 50 Central Europe list recognizes the 50 fastest-growing companies based on the highest percentage revenue growth over the last four years. During the evaluation period, Jeff App demonstrated an impressive growth rate of 3,652%. Previously, it was reported that Jeff App’s revenue increased to $10 million in 2023, and the startup has reached profitability.
“With Jeff App, we’ve grown from an early-stage startup participating in competitions to sell our mission, solution, and team, to a point where our achievements are scalable and comparable with other companies based on key financial metrics. The team is relentlessly dedicated, and our accomplishments prove that Latvian startups can compete not only with neighbouring countries but on a much larger scale. The Deloitte Fast 50 ranking is a highly trusted and reputable platform that objectively validates our belief: Latvia can succeed. We continue moving forward, as Jeff App still has much ahead, while we also look forward to seeing many more Latvian companies join the ranking in years to come,” said Jeff App co-founder and CEO Toms Niparts.
Additionally, Jeff App was recently recognized in the Sifted media report, Sifted 30: Eastern Europe and the Baltics, as the fastest-growing startup in Eastern Europe and the Baltics, reported Labs of Latvia.
What does Jeff App do?
Jeff App provides a solution to bridge the gap between underserved customer segments and financial service providers. The platform offers increasingly competitive opportunities for traditionally underserved populations to access loans. It achieves this by developing a client evaluation system based on alternative data, such as user behaviour, device metadata, and information from telecommunications operators.
Since its launch in Vietnam in 2020, Jeff App has expanded into other markets, including the Philippines, Mexico, and Indonesia. The company aims to grow into a multifunctional mobile app that, in addition to comparing financial products, will help users to find competitive offers in insurance, e-commerce, and other business verticals, ultimately establishing Jeff credit scoring as a market standard.
The company was founded in 2019 by Toms Niparts and Reinis Tenis, with Sandris Artemjevs joining later.
Impact Stars: recognizing positive contributions
For the fifth year in a row, the Deloitte ranking also features the Impact Stars category, which highlights companies that successfully combine excellent products and services with a positive impact on society, business, innovation, the environment, and diversity.
Three Latvian companies were included in this category:
- Datorium: An educational institution that helps teenagers easily acquire digital skills and programming knowledge.
- Swotzy: A logistics technology startup simplifying courier delivery options for all businesses.
- Weedbot: A startup developing a precision weed control device using artificial intelligence to identify plants and high-energy lasers to destroy weeds.
Raising Latvia’s profile on the global stage
In 1995, Deloitte launched the Technology Fast 500 program in North America to spotlight the best and most capable new technology companies with the greatest potential. Latvian companies have performed well on this list, such as Printful, which ranked 254th on the Deloitte Technology Fast 500 in North America at the end of 2020.
Similar rankings are now conducted in other regions, including Central Europe, and for several years now, the region has had its dedicated Technology Fast 50 Central Europe ranking. To qualify, companies must operate for at least four years, with annual revenue of at least €50,000 in the early years and €100,000 in 2023. Competition is intense, with more than 400 companies from 17 countries submitting applications.
In the Impact Stars category, several Latvian companies have been recognized in previous years, including Apply, Longenesis, Setupad, PrintOnPack.com, Twino, and Alina.
