Thursday, April 16, 2026

Headlines

Money

During Siliņa’s government, state spending on grants to NGOs and individuals has doubled

Expenditures by ministries and institutions for non-governmental organizations, as well as grants to private individuals over the last four years have more than doubled, according to information compiled by Inc. Thus, in 2022 a total of 98.9 million euros was spent for these purposes, while in 2026, 192.9 million euros is planned to be spent for the same purposes. It should be added that the increase has been consistent and these have not been any exceptions […]

An additional tax is being prepared for imports from Russia

By referring to committees the Economic Security Tax Law initiated by the National Alliance, the Saeima is beginning work on the introduction of a new tax on goods from Russia – 30%. According to the proposal, the tax would have to be applied to goods that are sold for the first time or used to ensure economic activity, production or for own consumption. In the draft law, Russia is not mentioned by name; instead, there is a list of countries or “high-risk countries” to which this […]

The state has more than recouped its investments in startups

With the state investing three million euros in startups, the growth of companies has been promoted whose total contributions to the state budget now exceed 52 million. This has been concluded in a study by the Latvian Startup Association, “Support that Pays Off”. The study describes a specific program that was financed by ALTUM but implemented by the fund Imprimatur Capital. From 2013 to 2017, the fund granted 50,000 euros to 60 early-stage technology teams […]

ERGO acquires Gjensidige in the Baltics

ERGO International AG, which manages the ERGO Group’s international business portfolio, completed the acquisition of the non-life insurer ADB Gjensidige in the Baltic states on January 2. The full merger of the two insurers in the Baltics will take place gradually over the course of this year and is planned to be completed by the end of 2026. All existing insurance contracts with ADB Gjensidige customers will remain in force, and their coverage will not change. Customers will not have to […]

BlockBen will issue the first cryptocurrency in Latvia

The financial technology company BlockBen, which very recently received a license from the Bank of Latvia to provide crypto-asset services, will issue the first patented cryptocurrency CrowdX in Latvia and the European Union for the crowdfunding service provider SIA CrowdedHero. This cooperation marks a new era for blockchain-based crowdfunding in the European Union, since in Latvia no such token has been issued so far – neither before nor after […]

Insurer BTA’s profit in nine months has reached 9.66 million euros

The non-life insurer BTA Baltic Insurance Company (BTA), which operates with branches in Lithuania and Estonia, posted a profit of 9.664 million euros in the first nine months of this year, which is 6.2% more than in the corresponding period last year, according to the information published by the company. In gross insurance premiums, BTA signed a total of 262.874 million euros in the Baltics in the first nine months of 2025, which is 9.9% more […]

A loan of 19 million is granted for the further development of the Verde office complex

Rietumu Bank has issued a 19-million-euro loan for the further development of the Verde business quarter (1 R. Hirša Street, Riga), which envisages the construction of a new C building in addition to the two existing ones, where office space is already fully leased. The new stage of Verde’s development is expected to be completed in the second quarter of 2027. Verde is being developed by the investment management company Capitalica Asset Management, […]

INDEXO Bank’s loan portfolio exceeds 50 million euros in November

By the end of November, AS INDEXO Bank reached its highest total loan portfolio volume so far – 50.5 million euros, issuing new loans in the amount of 6.3 million euros over the last month. Market transaction statistics show that since August of this year, 70% of all mortgage loans refinanced in Latvia have been refinanced specifically at INDEXO Bank. At the end of November, the number of INDEXO Bank’s clients […]

Corporate lending in Latvia is experiencing one of the fastest increases in the euro area

After a prolonged period of caution, the corporate lending market in Latvia is showing a convincing recovery in 2025, driven by falling interest rates and entrepreneurs’ growing willingness to invest in development. The corporate lending market has become one of the fastest growing in the euro area, and non-bank financial service providers such as Cityfinances play a crucial role in reducing the financing gap in the SME segment. In the Bank of Latvia’s “Financial Availability Review […]

Revolut’s valuation has reached 75 billion USD

Today, the financial technology company Revolut announced the completion of a share sale, valuing the company at 75 billion USD. The 75 billion USD valuation is supported by strong business momentum and solid financial results. Revolut’s 2024 revenues increased by 72% to 4.0 billion USD, while profit before tax rose by 149% to 1.4 billion USD. This trend continued […]