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Nov
15
2017

70% of newly registered startups in Latvia are in the ecommerce or fintech industries

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The amount of payment-based startups in Latvia is on the rise, with 70% of new startups in the FinTech or ecommerce field. This is confimed by the president of the Latvian Startup Association, Jekaterina Novicka.  

This statistic is based on data collected by the Latvian Startup Associations. Last year they had data on 240 starups, and this year that amount has grown to 320. 

"The amount of startups is growing quickly, and what's interesting is that 70% of newly registered startups are in the FinTech industry, or close to it. There is substantial interest in FinTech." states Jekaterina Novicka, the president of the Latvian Startup Association.

Meanwhile in the neighbouring Baltic states, data is similar. Lithuania has roughly the same amount of registered startups, while Estonia has 350. 

The Latvian Startup Association states that as of September 2017, the total amount of investment secured by Latvian startups over the past decade is 180 million euro, and within 2017 alone have attracted 32.7 million euro.