Latvijas Banka, the central bank and financial supervisor of Latvia, has granted Velvian SIA a licence to operate as a payment institution. The decision was taken on 16 September 2026 by the bank's Supervision Committee and announced the following day.
The licence authorises Velvian to provide payment acceptance services. According to the regulator, the Riga-based company plans to serve merchants, platforms and other business customers by enabling them to accept card payments.
A growing field of licensed payment institutions in Latvia
Velvian's authorisation is part of a busy year for Latvian fintech licensing. Latvijas Banka said it has issued seven payment institution licences in 2026 so far, and that eleven licensed payment institutions now operate in the country.
The central bank has been actively encouraging new applicants to use its licensing guides and pre-licensing consultations, in which its experts review a company's plans against the applicable legal framework before a formal application is filed. The regulator says this early collaboration leads to higher-quality applications and a smoother review.
First meeting with the supervisory team
After the licence was issued, Latvijas Banka welcomed the Velvian team to its headquarters to meet the supervisors who will oversee the company going forward. In a post on LinkedIn, the bank said the meeting covered its supervisory expectations and the practical aspects of starting activities as a licensed payment institution.
"We appreciate the Velvian team's active engagement, thoughtful questions and interest in understanding how to successfully develop its business within the regulatory framework. We look forward to continued cooperation with the company."
— Latvijas Banka
The bank closed its message by wishing the Velvian team "every success on their journey as a licensed payment institution."
Why it matters
A payment institution licence issued by an EU national authority allows a company to operate as a regulated payment services provider under the EU's payment services framework. For businesses that sell online or across borders, a licensed acquirer that handles card acceptance directly is an alternative to relying on unregulated intermediaries.
For the digital-asset sector, where access to card payment acceptance is often limited, the arrival of new regulated acquirers in the EU widens the options available to platforms that need compliant payment rails alongside their crypto services.