Backpack Chooses Latvia as Its European Hub, Strengthening the Country's Position as a Fintech Gateway to the EU

Global financial institution Backpack has officially established its European presence in Latvia, marking another significant milestone in the country's ambition to become one of Europe's leading fintech hubs.

At the end of May, the Bank of Latvia granted Trek Technologies SIA, operating under the Backpack EU brand, both a crypto-asset service provider licence and a payment institution licence. The licences enable the company to provide regulated crypto-asset and payment services across all European Union member states from Latvia, giving Backpack direct access to the EU Single Market of more than 450 million consumers.

Backpack is a global financial institution bridging crypto with traditional financial markets,  operating in more than 150 countries and regions. Its platform has processed more than USD 450 billion in total trading volume, while daily trading volumes regularly exceed USD 1 billion.

Commenting on the company's decision, Armani Ferrante, CEO of Backpack Group, highlighted Latvia's strategic role in the company's European growth:

"Backpack's European hub in Latvia positions us in a competitive, forward-looking market and puts Backpack at the forefront of Europe's next wave of fintech innovation supported by clear regulation and strong capital. Through our partnership with Latvijas Banka, Backpack now has the regulatory and operational foundation to welcome new European users seeking access to global liquidity, 24/7 trading, innovative products, and more."

According to Ieva Jāgere, Director of the Investment and Development Agency of Latvia (LIAA), Backpack's investment demonstrates Latvia's growing ability to attract globally competitive financial technology companies.

"Backpack EU's decision to establish and expand its operations in Latvia is a strong endorsement of our ability to attract global financial technology companies with ambitious growth plans. It is particularly significant that Latvia has been chosen as the company's European Union hub, from which it can provide services across the entire single market.

Latvia is strategically developing its financial technology sector by strengthening a competitive regulatory environment, fostering innovation, and implementing the objectives set out in the industry's development strategy. 

Backpack EU's example demonstrates that Latvia can successfully compete for investment in industries where knowledge, technology, and innovation are the key drivers of growth, while creating new opportunities for economic development and highly skilled employment."

The investment reinforces Latvia's broader strategy of creating a competitive regulatory environment for financial innovation while supporting the growth of internationally scalable companies. By combining regulatory certainty, access to European markets and a rapidly developing fintech ecosystem, Latvia continues to strengthen its position as an attractive destination for global fintech investment.