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Apr
10
2017

Who is who in Baltic fintech?

Among top 10 disclosed investment deals in Estonia, Latvia and Lithuania, fintech plays a prominent role in Estonia, where TransferWise and Monese account for €110 million or 44% of all funds raised by Top 10 deals and Latvia, where BitFury, CreamFinance and Mintos totally dominate the Top 10, claiming €140.5 million or 87% of funds raised. Top 10 stats look more balanced in Lithuania where TransferGo only claims €6 million or 4% of Top10 disclosed deals.

Latvia

Heavyweights

BitFury is world’s largest and leading producer of semiconductors (ASICs), servers and datacenter solutions for the bitcoin and cryptocurrency industry. It is also one of the largest miners of bitcoin with computing centers across Iceland and Georgia. It is also the most funded disclosed Latvian startup, having raised €111,3 million to date. Co-founded by Valery Vavilov with background in technology business management and Valery Nebesny with 20 years of IT and computer science experience in 2011.

CreamFinance is a recent successful player in non-bank lending, differentiating by the data-driven lending decisions that power their business. Founded in 2012  in Latvia by Matiss Ansviesulis, the company has raised €27,2 million in funding and achieved consistent growth, launching brands in five markets across Europe. In Latvia, the company is operating under the brands CreditOn and Ladyloan. Last year alone the company’s revenue in Latvia reached €2,8M.

Runners up

 Mintos was started in April 2014 by Martins Sulte with background in investment banking and consulting. After championing peer-to-peer lending legislation in Latvia, the company began operations in January 2015, when experienced financial auditor and consultant Martins Valters joined the team. The company has raised €1 million from Skillion Ventures and has reached over  €100 million lending turnover this year.

Viventor started operations at the same time as Mintos. It offers investments in a wide range of peer-to-peer loans across Europe, differentiated by type, country and originator. Founded by Andris Rozenbahs with background in real estate and management.

Twino is one of Europe’s fastest-growing peer-to-peer loan platforms, that has also reached €100 million lending turnover this year. Founded in 2009 by Armands Broks.

 

This article originally appeared on Arcticstartup and is republished with permission.

Read the full article here.