As you may already know, on October 4th, Wallester opened a new office outside of Estonia – this time in Riga, the capital of Latvia. 🇱🇻 Riga is quickly establishing itself as a hub for fintech innovation, bringing together local banks, startups, and IT companies to create new opportunities in the financial sector. Wallester’s new office, located in the city’s financial district, will play an important role in expanding the company’s reach in the Baltics, helping to build strong connections with Latvian clients and partners.
Our colleagues from the Riga office visited the headquarters in Tallinn to discuss plans for this new market and share their initial insights. To learn more about Wallester’s strategy, we spoke with Ludmila Nikitina, Wallester’s Country Manager for Latvia. In this interview, Ludmila shares her vision for the new office, Wallester’s goals in the Latvian market, and how her experience will drive the company’s ambitions forward. ✨
Ludmila, welcome to the team! What inspired you to choose Wallester?
I started my career in the financial market in wealth management, then continued in banking and as a result of this long journey, fintech became a part of my life.
My story of getting to know Wallester began several years ago during my work at JSC LPB Bank (now Magnetiq Bank). At first glance, it was clear how important it was for the company to develop, create not just high-quality, but the best product and take care of the team.
I always admire people whose words match their deeds, and Sergei is just such a person and a leader. Support, concern and attitude are very valuable and extremely rare qualities of a leader, but Sergei and Dmitri undoubtedly possess all these qualities. You want to follow them, listen, learn and contribute to the development of the company.
As the new Country Manager, what do you see as the main reasons for Wallester’s expansion into Latvia?
Latvia is growing fast as a centre for fintech and banking, with strong demand for digital financial solutions. The country has a lot of skilled tech talent and new startups, which makes it a great place for Wallester to build our presence.
Opening an office in Riga brings us closer to our clients so we can better understand their needs and respond with specific solutions. Latvia’s supportive regulations also help us introduce new products, and I’m confident this move will help us connect with the market and make a positive impact.
What are your primary goals for the new Riga office, and how do you plan to develop Wallester’s presence in the Latvian market?
The Riga office will be a key base for our work in the Baltic region, helping us build strong connections with clients and support business growth. My main goal is to create a skilled local team that can deliver solutions tailored to Latvian businesses. I
would also like to note that our team is in close proximity to existing partners, which makes it possible to quickly respond to new partners’ needs and offer new innovative solutions. Existing partners were delighted with the news of the opening of Wallester’s Latvian division.
I also plan to partner with local banks, tech companies, and other key players to improve our services.
We’ll be involved in community events, work closely with local professionals, and show how our products can benefit Latvian clients.
Can you share your perspective on the current state of the Latvian fintech market and its potential?
The Latvian fintech market has shown impressive growth over recent years. The increasing adoption of digital banking and payments creates excellent opportunities for companies offering secure, innovative financial solutions. Latvian consumers and businesses have a growing appetite for user-friendly, mobile-driven services.
What excites me most is the openness of Latvian firms to digital transformation and new technology. With the right approach, Wallester can play a central role in shaping this digital shift, bringing reliable, high-quality financial products to the market.
With your extensive experience in customer acquisition and business development, what strategies will you implement to achieve Wallester’s goals in Latvia?
My strategy begins with deeply understanding our clients’ unique needs. In Latvia, businesses look for flexibility, efficiency, and customization, so I’ll be working on providing solutions that cater directly to these demands. Additionally, building strong, lasting relationships is key to customer acquisition.
I plan to establish Wallester as a go-to partner by actively engaging with clients, providing clear communication, and ensuring they feel supported at every step. Marketing Wallester’s value through case studies and success stories will also help us show prospective clients how our solutions can impact their business positively.
How does your background in Latvia’s banking and financial sectors prepare you for this role at Wallester?
With my experience in Latvia’s banking and financial sectors, I have a strong understanding of local regulations, market trends, and what Latvian businesses need. My past roles taught me the value of excellent customer service and the need to adapt to industry changes. This background helps me know what clients expect in terms of quality and compliance.
I’m bringing this knowledge to Wallester to help our team provide reliable solutions that meet standards and give clients an easy, effective experience.
What partnerships or collaborations are you looking to establish in Latvia to support Wallester’s growth?
To help Wallester grow, I’m actively building partnerships with local banks, fintech startups, and tech companies. Working with established players in Latvia lets us offer financial solutions that suit local businesses. For instance, partnering with banks helps us connect to the broader financial network while teaming up with tech companies opens up new ideas and keeps our services innovative.
Together, these collaborations allow us to meet clients’ needs and keep up with the latest trends in fintech.
What role do you see the Riga office playing in Wallester’s broader regional and international strategy?
The Riga office will be essential to Wallester’s growth in the Baltic region and beyond. As our base in Latvia, it allows us to gain insights into the market and trial new projects that could expand to other areas.
This office connects our regional goals with our global vision and lets us refine our services for a broader audience. Over time, I see Riga becoming a hub for innovation and support, expanding Wallester’s presence across Europe.
Looking ahead, what long-term impact do you hope Wallester’s presence in Latvia will have on the local fintech community?
In the long term, I hope Wallester becomes vital to Latvia’s fintech community. By creating jobs, supporting local businesses, and sharing our expertise, we aim to build a robust and innovative sector here.
Our goal is to drive collaboration and knowledge-sharing among fintech players in the region. We’ll also focus on providing growth opportunities for local talent, creating a skilled workforce that advances the industry. I believe our presence can position Latvia as a recognized centre for fintech innovation.
What excites you the most about your role as Country Manager, and what can we expect from Wallester’s Riga office in the near future?
I’m really looking forward to building Wallester’s presence in Latvia and connecting with such an energetic market. It’s a unique chance to create something meaningful from the ground up. In the coming months, we’re planning to roll out financial solutions that truly fit local needs, get involved with the Latvian business community, and develop strong relationships with our clients.
The Riga office is just the start – we’re here to make a real difference as we expand.
