We advised Fibonatix on obtaining a payment institution licence from Latvijas Banka. SIA Fibonatix (LV) is a company within the Fibonatix brand, which includes the UK-regulated entity Fibonatix (UK) Limited and entities in Germany and Poland, all founded by Israeli founder Tal Miller. Fibonatix’s business involves providing payment solutions for merchants (e-commerce entities and beyond). Now, with the Latvian-licenced entity and after passporting to the other EEA states, Fibonatix will be able to provide regulated payment services (acquiring of payment transactions) all across Europe.
About the case
Over the next few years, fintech company licensing (which includes, among other businesses, payment service providers such as Fibonatix) has grown almost exponentially in Latvia. Fibonatix has become the ninth licensed payment institution, in addition to eleven e-money institutions, while these numbers are nearly half as many as they were two years ago.
Fibonatix team chose Latvia for its European foothold due to recent political support for the fintech industry, an open and cooperative regulator – Latvijas Banka – and local market support, including from consultants such as Sorainen, and also industry associations and initiatives.
Our involvement and team
Sorainen provided comprehensive support to the client throughout the licensing process, including preparing internal policies and procedures and representing the client in meetings with Latvijas Banka. The team also advised on company setup arrangements and employment and tax law matters. The project’s success was due to our close collaboration with the dedicated client’s internal team.
Our team included senior associate Jevgēnija Ziņģe as project manager, as well as partner Ramona Miglāne and senior associate Agneta Rumpa as key contributors. Counsel Andis Burkevics, senior associates Edvīns Draba, Ieva Prūse and Kristīne Erele, associates Elizabete Madara Titova and Alise Igale, and assistant lawyers Annija Kuzma, Annika Līze Valtere and Evija Velvele, also supported the client in the licensing endeavours.
Link to the article by Latvijas Banka HERE>
