One in 5 Latvian Startups are Fintech Companies, Almost 90% of Startups to Rent Extra Workers, Regardless of COVID-19 Challenges: Report

One in 5 or 20% of startups in Latvia are a part of the nation’s Fintech sector, in keeping with a report launched on July 24, 2020.

Swedbank Latvia, a big retail financial institution, teamed up with the Latvian Startup Affiliation with a view to publish a Fintech report that covers the most recent developments in Latvia’s startup and Fintech ecosystem.

The report’s authors surveyed lively Fintech companies which have registered to do enterprise in Latvia.

Latvia is a rustic within the Baltic area of Northern Europe and has a inhabitants of round 2 million. It’s a high-income superior economic system, and at the moment has the 39th highest human growth index, which goals to measure the general high quality of lifetime of a nation’s residents.

The report notes that Fintech companies are actually taking part in a key position within the growth of the nation’s economic system. There are round 500 firms that are actually a part of Latvia’s startup ecosystem. About 90 of those companies work with the services which are thought of a part of the Fintech sector.

Round 40% of the companies working within the nation’s Fintech sector took half within the survey.

The vast majority of the 91 Fintechs primarily based in Latvia are providing some kind of B2B service, the report revealed. Europe was the principle marketplace for almost 90% of the companies that responded to the survey.

Almost half or 50% of the surveyed startups mentioned that it’s pretty easy to launch a startup in Latvia. Additionally they declare that the nation has business-friendly insurance policies.

However attracting proficient Fintech professionals from overseas stays a problem and providing a startup visa can be an vital side of the method that may be made extra environment friendly.

The report revealed that 40% of startups in Latvia have put collectively worldwide groups and the gender stability on the administration stage is reportedly increased than different European nations. About 57% of companies have appointed ladies executives.

Regardless of the challenges created by the COVID-19 outbreak, the vast majority of Fintechs and different startups surveyed mentioned they’re engaged on numerous progress and growth initiatives, and 88% mentioned they’re planning to rent extra employees members in some unspecified time in the future sooner or later.

Ģirts Bērziņš, Head of Innovation at Swedbank Latvia, said:

“In a really quick time, Latvia has constructed a big expertise pool of world-class consultants in each finance and innovation, and over time, because the borders of conventional industries turned too slim, they’ve gone additional to construct firms round finance and applied sciences.”