Methodology of FinTech Observatory
Definitions and sector classification
FinTech broadly refers to "technologically enabled financial innovation that could result in new business models, applications, processes, or products with an associated material effect on financial markets and institutions and the provision of financial services" (Financial Stability Board, 2017).
What counts as "FinTech" (scope)?
For scope and taxonomy, we adopted the FinTech typology developed by the Cambridge Centre for Alternative Finance (CCAF) in collaboration with the World Bank and the World Economic Forum (2020), adapted to make the Observatory more usable and easily understandable to the general public.
The Observatory differentiates between 12 FinTech segments:
- Brokers
- Business Tech
- Crowdfunding
- Crypto
- Digital Banking
- Insurtech
- Investment Platforms
- Lending
- Payments
- RegTech
- WealthTech
- Other
For multi-segment firms, classification is based on the dominant activity reflected in products, services, and licenses.
Data sources
The data was curated through critical review and cross-verification of multiple sources. These include Dealroom's Latvian FinTech Landscape, the EU Digital Finance Platform, Latvia's Startup Association Startin.lv Startup Database, P2PMarketData, Latvian trade association member lists, regulator databases from the Consumer Rights Protection Centre (PTAC) and the Bank of Latvia, among others.
These sources primarily served as guides for verification and reference. However, the resulting list of companies is not limited to them. Additional FinTechs were identified through independent research, media monitoring, and public information.
Only active firms that pay taxes and are employers in Latvia were included (verified legal status & digital footprint). Companies licensed in other EU jurisdictions but without a registered presence in Latvia (e.g., Revolut, N26) are not included. This means that the list cannot be used to assess competitors in financial markets in Latvia.
Detailed business and financial metrics are provided in collaboration with CrediWeb, a company that provides access to company register data.
Where a company has not yet filed the requested information, data for the most recent year may not be available.
The financial data of subsidiaries included in the Observatory may only reflect a portion of the group-level activity, which should be considered when interpreting the data.
Developing the Observatory further
The version of the Observatory released in November 2025 is considered the pilot version.
Future opportunities for expanding the Observatory may include adding information to company profiles (e.g., countries served and attracted funding), broadening the scope to cover companies active in Latvia but not registered there, and incorporating FinTechs registered in Lithuania and Estonia, among others.
The list of FinTechs will be reviewed and updated on a regular basis, but not less frequently than every six months, to account for new companies, mergers, licensing changes, etc.
We invite FinTechs, members of the FinTech ecosystem, academics, and others to suggest corrections, improvements, or propose new company entries. Submissions are reviewed against the inclusion criteria, and edits are applied when evidence supports the need for edits.
