Latvia EMI and PI License in 2026: The Complete Latvijas Banka Guide
A 2026 deep dive into the Latvian EMI and PI licence: Latvijas Banka (formerly FKTK) authorisation, EUR 20k-EUR 350k capital, 3-month statutory clock, English-friendly procedure and Baltic-market access.
Latvia as the quieter Baltic fintech jurisdiction
Since 1 January 2023 supervisory functions previously held by the FKTK (Financial and Capital Market Commission) have been integrated into Latvijas Banka, the Bank of Latvia. This consolidation makes Latvijas Banka the single supervisor for credit institutions, PIs, EMIs and investment firms.
Latvia is the less-hyped Baltic fintech jurisdiction compared to Lithuania but offers similar advantages: English procedure, 3-month statutory clock, EU passport, competitive cost base. A Latvian EMI or PI is a credible alternative when a founder wants substance in the Baltics without the Lithuanian fintech crowd.
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Request demoCapital, scope and process
- PI capital. EUR 20k / 50k / 125k per PSD2 Article 7.
- EMI capital. EUR 350k per EMD2.
- Small PI. Available as a domestic track under Article 32 PSD2 with Latvian national thresholds.
- Incorporation. Latvian SIA (private limited) or AS (joint-stock) with registered office in Latvia.
- File preparation. Business plan, governance, AML/CFT (Latvian AML Law), safeguarding, ICT/DORA framework, outsourcing register, fit-and-proper files.
- Submission. Electronic filing. English widely accepted for the substantive file; some forms remain Latvian.
- Statutory clock. 3 months from complete file.
- Real timeline. 5 to 8 months end-to-end for a PI; 7 to 10 for an EMI.
- Substance. At least one Latvian-resident director, real office, local AML officer.
Ship a Latvian EMI or PI product with Crassula
Crassula provides the core-banking platform aligned with Latvijas Banka expectations: ledger, Latvian IBANs, cards, SEPA and SEPA Instant, KYC and AML, safeguarding, DORA ICT and Latvijas Banka-ready reporting.
FAQ
Latvijas Banka (Bank of Latvia) since 1 January 2023, consolidating the former FKTK functions. Single supervisor for credit institutions, PIs, EMIs and investment firms.
PI EUR 20k/50k/125k depending on PSD2 services; EMI EUR 350k. Paid up in a Latvian credit institution.
Statutory 3 months from complete file; real-world 5 to 8 months for a PI and 7 to 10 for an EMI.
English is widely accepted for the substantive file. Some statutory forms remain Latvian.
Crassula provides the core-banking platform aligned with Latvijas Banka expectations: ledger, Latvian IBANs, cards, SEPA rails, KYC/AML, safeguarding, DORA ICT and regulator-ready reporting.
