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Latvian FinTech company named among Europe's fastest-growing

The Latvia-based financial technology (FinTech) company Sun Finance has been ranked in second place in Europe in a new Financial Times list of the 1,000 fastest-growing European companies.

The ranking, published annually by the British business newspaper, includes the 1,000 fastest growing companies in Europe, which have been able to organically show the largest increase in total revenue over the last four years. During the period considered, Sun Finance’s revenue increased by approximately 619 times or 61837.8%.

“We are extremely pleased to be recognised at such a high level, especially given the size of the European business landscape and thousands of innovative and successful companies across industries. Since the company’s inception, we have always thought on a global scale... Being noticed on the international business stage is the result of always being flexible to adjust our growth strategy while keeping collaboration and teamwork at the top of our priorities,” said Toms Jurjevs, Founder and CEO of Sun Finance. 

Sun Finance Group is a financial technology company founded in 2017 that operates in seven countries on three continents, with headquarters in Rīga. It claims to have more than 4.3 million registered customers and more than EUR 800 million in issued loans. It operates as an online and mobile lending platform and was established by founder Toms Jurjevs and co-founder Emils Latkovskis. 

Previously only one company from the Baltic States has managed to reach the top 50 of the fastest-growing companies list. In 2019 and 2020, the well-known Estonian technology company Bolt ranked third and is positioned 16th. Another Estonian company, Cleveron, is in 51st place.

The next-best-placed Latvian company is Discover Car Hire in 233rd place, while Lithuania's POPPRI Fashion auctions is in 479th place.

Latvia's Sonarworks makes 838th place with compatriots Industry Service Partner just behind in 846th place and Mogo Finance occupying 896th spot.

In order to gain a rating, a company’s revenue in its first year of operation had to be above 100,000 euros. Revenue growth has to be mainly organic, while the company’s headquarters have to be located in Europe.

The list is compiled in cooperation with the market research company Statista and the full listings can be found at: https://www.ft.com/content/8b37a92b-15e6-4b9c-8427-315a8b5f4332

 

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